64. What is the primary responsibility of the finance function in a business? a) Employee training and development b) Managing the company's financial resources c) Product design and development d) Market research and analysis 65. What is the financial statement that shows a company's revenues and expenses over a specific period? a) Balance sheet b) Income statement c) Cash flow statement d) Profit and loss statement 66. What financial ratio measures a company's ability to pay its short -term debts with its current assets? a) Debt-to-equity ratio b) Current ratio c) Return on investment (ROI) d) Price-earnings ratio (P/E ratio) 67. What term describes the process of determining the optimal mix of debt and equity financing for a company? a) Cost analysis b) Capital budgeting c) Financial leverage d) Capital structure 68. What is the primary focus of the production function within a business? a) Employee recruitment and training b) Developing marketing strategies c) Creating goods and services efficiently d) Managing the company's financial resources 69. Which production concept emphasizes the efficient production of a large quantity of standardized products at a low cost? a) Lean production b) Mass production c) Customization d) Just-in-time (JIT) production 70. What term describes the process of ensuring that products meet established quality standards before they are delivered to customers? a) Inventory management b) Quality control c) Cost analysis d) Market research 71. In production management what is the "lead time"? a) The time it takes to manufacture a product b) The time it takes to deliver a product to customers Page 14 of 16