Lean Training Quiz On Finance Module! Trivia
10 Questions
| Total Attempts: 88
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Lean training quiz on finance module! Lean accounting is a way in which the business changes its accounting module so that it can fit the lean manufacturing method. There are different changes that are evident when traditional accounting systems are compared to lean accounting techniques such as using less time and money associated with the tradition method. See how well you understand lean accounting by taking the quiz. All the best!
Questions and Answers
- 1.According to Lean accounting, the price is determined by the _______________.
- A.
Accounting Department
- B.
Customer
- C.
Marketing Department
- D.
Government
- 2.According to Lean accounting, the way we increase profit is by:
- A.
Raising the price
- B.
Decreasing pay
- C.
Lowering costs
- D.
Creating more cushion in the budgets
- 3.As a company implements Lean, it’s financial statements often show a temporary hit to the bottom line as inventory moves to the expense section of the income statement, lowering profits.
- A.
True
- B.
False
- 4.Taiichi Ohno said: “Costs do not exist to be calculated. Costs exist to be ________.”
- A.
Defined
- B.
Measured
- C.
Analysed
- D.
Reduced
- 5.As a product or service moves through the production system, the cost of correcting an error multiplies by 10. This is known as the _______ rule.
- A.
DMARIC
- B.
1-10-100
- C.
Pareto
- D.
80 / 20
- 6.Space can be maximised by reducing what kind of waste(s)?
- A.
Motion
- B.
Inventory
- C.
Waiting
- D.
Re-work
- 7.A more detailed and thorough version of the Plan, Do, Check Act / Kaizen cycle that we use for quantifying and implementing process improvement activities is:
- A.
1-10-100
- B.
DMARIC
- C.
Pareto
- D.
Six Sigma
- 8.Another term for “the law of the vital few” is _______.
- A.
The Pareto principle
- B.
Lean Accounting
- C.
The 1-10-100 Rule
- D.
The Customer Service Iceberg
- 9.A dollar saved is a whole dollar just as a dollar earned is a whole dollar.
- A.
True
- B.
False
- 10.The cost to serve equals the hourly rate an employee is paid.
- A.
True
- B.
False
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