1. A sequence of tasks or activities that takes a set of inputs and converts them into
desired outputs is called:
2. ___________ indicates the financial condition of a company at a specific point in
time.
3. ___________ indicate(s) the financial condition of a company over a specific period
of time.
4. __________ can also be referred to as a profit and loss (P&L) statement.
5. Which of the following processes is triggered when someone in the company
determines that a specific quantity of a certain material is needed?
6. Which of the following processes involves making products in-house?
7. According to “Essentials of Business” by Magal, why did Apple Inc. decide to have its
products made by an outside contract manufacturer?
8. Why do we study the global competitive environment?
9. Which activity would likely be performed by a knowledge worker?
10. Which is not a skill of a knowledge worker?
11. If the silo effect is a consequence, why do companies organize by business
function?
12. Select the most accurate statement.
13. From the sidebar cases in Essentials of “Business” by Magal, which company
produces make-to-order goods, meaning they assemble products only after receiving a
customer order?
14. All of the following are disadvantages of a paper-based process except?
