Industrial Engineering MCQs (Chapterwise Multiple Choice Questions)

All the proceeds which are received by the business as a result of the sale of goods is called ______.

Net income

Gross income

Net revenue

Total sales

Answer & Explanation

Correct Answer: Gross income

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What does "deflection" mean?

The act of turning away

A change in direction

The transferring of risk to another party, generally via a contract.

The act of bending

Answer & Explanation

Correct Answer: The transferring of risk to another party, generally via a contract.

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______ is the element of value which a business has earned through the favorable consideration and patronage of its costumers arising from its well known and well conducted policies and operations.

Status company

Big income

Known owners

Goodwill

Answer & Explanation

Correct Answer: Goodwill

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Which of the following is not an agile product development methodology?

Crystal

Dynamic systems development method

Scrum

Extreme programming

Answer & Explanation

Correct Answer: Dynamic systems development method

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The first cost to be incurred if the piece of equipment now in place had been bought for a second hand dealer or some other business is called ______.

Material cost

Fixed cost

First cost

In-place value

Answer & Explanation

Correct Answer: In-place value

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What is an accounting term that represents an inventory account adjustment?

Cost of goods sold

Cost accounting

Standard cost

Overhead cost

Answer & Explanation

Correct Answer: Cost of goods sold

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Lands, buildings, plants and machineries are example of what type of asset?

Current asset

Trade investment asset

Fixed asset

Intangible asset

Answer & Explanation

Correct Answer: Fixed asset

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What is the process of breaking down project deliverables into smaller components called?

Decomposition

Management

Deliverables

Planning

Answer & Explanation

Correct Answer: Decomposition

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Developmental progression refers to:

A typical path that children tend to follow in developing an understanding of a mathematical topic.

A path that only some children follow in developing an understanding of a mathematical topic.

A path that children with difficulties tend to follow in developing an understanding of a mathematical topic.

The path that children with specific gifts or abilities follow in developing an understanding of a mathematical topic.

Answer & Explanation

Correct Answer: A typical path that children tend to follow in developing an understanding of a mathematical topic.

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What is the process of contract closeout?

Drafting the contract

Determining whether the terms of the contract were completed successfully and settling any remaining terms.

Executing the contract

Negotiating the contract

Answer & Explanation

Correct Answer: Determining whether the terms of the contract were completed successfully and settling any remaining terms.

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Start Practicing with our MCQs given below.

MCQ on Basic Industrial Engineering	MCQ on Business Ethics
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General Industrial Engineering MCQs