# BEC REVIEW 11

 Wolk Corporation is a highly automated manufacturing firm. The vice president of finance has decided that traditional standards are inappropriate for performance measures in an automated environment. Labor is insignificant in terms of the total cost of production and tends to be fixed, material quality is considered more important than minimizing material cost, and customer satisfaction is the number one priority. As a result, delivery performance measures have been chosen to evaluate performance. The following information is considered typical of the time involved to complete orders.Wait time: From order being placed to start of production 10.0 days From start of production to completion 5.0 days Inspection time 1.5 days Process time 3.0 daysMove time 2.5 days What is the manufacturing cycle efficiency for this order? Manufacturing Cycle  = Manufacturing or Process Time /Efficiency              Time from Start of Manufacturing to Delivery = 3 days / (5 days +1.5 days + 3 days + 2.5 days)              = 3 days / 12 days = 25.0% When economists are concerned about the liquidity preference function they are interested in: the relationship of the demand for money and the rate of interest. The demand for money -------------- inversely with the rate of interest. The demand for money varies inversely with the rate of interest. As interest rates fall, the quantity of money demanded -----------------------. As interest rates fall, the quantity of money demanded increases. As rates rise, the quantity of money demanded ---------------------------. As rates rise, the quantity of money demanded decreases. As rates --------------, the quantity of money demanded decreases. As rates rise, the quantity of money demanded decreases. As interest rates --------------------, the quantity of money demanded increases. As interest rates fall, the quantity of money demanded increases.. The liquidity preference (LP) function relates -------------------------------------- The liquidity preference (LP) function relates money demand to the rate of interest Card Bicycle Co. has prepared production and raw materials budgets for next year. At the end of this year, the finished product inventory is expected to include 2,000 bicycles and raw material inventory is expected to include 3,000 bicycle tires. Each finished bicycle requires two tires. The marketing department provided the following data from the sales budget for the first quarter:                January February   March Expected Bicycle Sales (units)12,00016,00018,000 -->                                 January   February    March                                 -------   --------   -------Expected Bicycle Sales (units)    12,000    16,000    18,000 The company inventory policy is to have finished product inventory equal to 20% of the following month's sales requirements and raw material equal to 10% of the following month's production requirements. In the January budget for raw materials, how many tires are expected to be purchased? January production  = Jan. sales + Desired ending inventory - Beginning inventory = 12,000 + (0.20 x 16,000) - 2,000 =  13,200 bicycles February production = Feb. sales + Desired ending inventory= Beginning inventory = 16,000 + (0.20 x 18,000) - (0.20 x 16,000) =                          16,400 bicycles January purchases   = Production needs + Desired ending inventory -                         Beginning inventory = (2 x 13,200) + (0.10 x 2 x 16,400) - 3,000 =                         26,680 tires Super Sets, Inc., manufactures and sells television sets. All sales are finalized on credit with terms of 2/10, n/30. Seventy percent (70%) of Super Set customers take discounts and pay on Day 10, while the remaining 30% pay on Day 30. What is the average collection period in days? 16 days This problem requires the calculation of the weighted average of the two classes of collection patterns: 10 days × .70 = 7 days 30 days × .30 = 9 days Total16 days -->10 days x .70 =  7 days 30 days x .30 =  9 days                ------- Total           16 days What does the consumer price index measure? Rate of inflation A ----------------------------------installs, manages, and supports a LAN (local area network). The --------------------------also controls access to the system and maintains the shared software and data. A network administrator installs, manages, and supports a LAN (local area network). The network administrator also controls access to the system and maintains the shared software and data. A ------------------------------ is a collection of computers and other hardware components interconnected by communication channels that allow sharing of resources and information. A network is a collection of computers and other hardware components interconnected by communication channels that allow sharing of resources and information. AuthorJoens1313 ID310830 Card SetBEC REVIEW 11 DescriptionBEC REVIEW 11 Updated2015-11-03T04:40:09Z Show Answers