5-2 Lesson Quiz Savvas Realize Answers

Savvas Realize is an educational platform developed by Savvas Learning Company. It is used by schools, districts, and other educational institutions to help students learn and test their knowledge. The 5-2 lesson quiz is one of the quizzes available on the platform, which tests students on their understanding of the 5-2 lesson. Here, we will discuss the answers to the 5-2 lesson quiz on Savvas Realize.

Question 1

The first question on the 5-2 lesson quiz is “What is the definition of the term ‘nominal value’?” The correct answer is “A value that is used to represent a quantity without taking into account any associated costs or benefits.” Nominal value is a term used in financial accounting, which refers to the value of an asset or liability that is stated in the company’s balance sheet.

Question 2

The second question on the 5-2 lesson quiz is “What is the purpose of Total Quality Management (TQM)?” The correct answer is “To ensure that all processes are consistently performed in a way that meets or exceeds customer expectations.” TQM is a system of management that is focused on quality improvement and customer satisfaction. It involves a continuous cycle of planning, implementation, monitoring, and review in order to achieve the desired results.

Question 3

The third question on the 5-2 lesson quiz is “What are the three main components of the Balanced Scorecard?” The correct answer is “Financial, customer, and internal process perspectives.” The Balanced Scorecard is a system used by businesses to measure their performance in a number of areas. The three main components of this system are financial, customer, and internal process perspectives.

Question 4

The fourth question on the 5-2 lesson quiz is “What is the purpose of Activity-Based Costing (ABC)?” The correct answer is “To determine the cost of each activity being performed in an organization.” Activity-Based Costing is a method of cost accounting that assigns costs to activities based on their usage of resources. It allows businesses to more accurately assess the cost of activities and make better decisions about how to allocate resources.

Question 5

The fifth question on the 5-2 lesson quiz is “What is the purpose of a SWOT analysis?” The correct answer is “To identify the Strengths, Weaknesses, Opportunities, and Threats of an organization or project.” A SWOT analysis is a tool used in strategic planning and management to identify the internal and external factors that can influence the success of an organization or project. It can be used to evaluate a company’s competitive position and make informed decisions about its future.

The 5-2 lesson quiz on Savvas Realize is a great way for students to test their understanding of the 5-2 lesson. In this article, we have discussed the answers to the five questions on the quiz. The answers are helpful for students who are looking to brush up on their knowledge and ace the quiz. With the help of this article, students should now have a better understanding of the 5-2 lesson and the answers to the quiz.