Which option is correct for given statements about quality assurance? Statement 1: It assures that quality requirements will fulfilled. Statement 2: Quality assurance is product oriented.

Which of the following concerns best suits the following statement:”Internet banking system includes new customer requirements, account Requirements, customer management requirements, security requirements, recovery requirements etc.” ?

A

Functional concerns

B

Quality of service concerns

C

System concerns

D

Cross-cutting concerns

Consider the below statements. (i) Quality is defined as fitness for the purpose at the lowest cost (ii) Quality is a grade of the product in appearance, performance, life, reliability, taste, odour, maintainability etc (iii) Quality is the degree to which a specified product is preferred over competing products of equivalent grade, based on the comparative test by customers, normally called as customer’s preference (iv) Quality is a measure of the degree of the general excellence of the product (v) Quality may be defined as the degree of conformance to design and specifications Which of the above statements are correct?

A

i, ii

B

i, v, iv

C

i, ii, iii, iv, v

D

ii, iv, iii

Statement I Internal failure costs are generated after the product is dispatched as a result of non-performance to requirements.
Statement II External failure costs are generated before the product is dispatched as a result of non-conformance to requirements.
Which of the following answer is correct related to above statements being correct or incorrect?

A

Both statements are correct

B

Both statements are not correct

C

Statement I is correct, but Statement II is not correct

D

Statement II is correct, but Statement I is not correct

The following two statements relate to financial derivatives. Choose the correct answer for statements being correct or incorrect.
Statement I When an option is allowed to be exercised only on the maturity date, it is called an American option.
Statement II If the option holder does not lose or gain whether he exercise his option or buys or sells the asset form the market, the option is said to be at-the-money.

A

Statement I is correct, but Statement II is incorrect

B

Statement II is correct, but Statement I is incorrect

C

Both statements I and II are correct

D

Both statements I and II are incorrect

Which of the following statement (s) is/are true about the following eliminations? (1) Hoffmann product is major product in I (2) Saytzeff product is major product in I (3) Hoffmann product is major product in II (4) Saytzeffproduct is major product in II

A

1 and 2

B

1 and 4

C

2 and 3

D

3 and 4

Consider the below statements. (i) Inspection is the process of measuring the quality of a product or service in terms of established standards. (ii) Inspection is the art of comparing materials, products or performances with established standards. (iii) Inspection is the art of applying tests, preferably by the aid of measuring appliances to observe whether a given item of product is with n the specified limits of variability. (iv) Inspection is not a tool for controlling the quality of the product. Which of the above statements are correct?

A

i, ii

B

i, v, iv

C

i, ii, iii, iv

D

ii, i, iii

Which of the following are a part of 'objective measurement' of food quality testing?
1. It measures overall quality of product.
2. There in no need to change existing product in case of new product development.
3. It includes all types of instrumental analysis.
4. The test results should be correlated with sensory testing of similar product.
5. The test must be appropriate for the food product being tested.

A

3, 4, 5

B

3, 2, 5

C

3, 1, 5

D

4, 1, 5

Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statements : Company X has marketed the product. Go ahead; purchase it if price and quality are your considerations.

Conclusions :
I. The product must be good in quality.
II. The price of the product must be reasonable.

A

Only conclusion I follows

B

Only conclusion II follows

C

Either I or II follows

D

Neither I nor II follows

E

Both I and II follow

A Guarantee is a promise or assurance that attests to the quality of a product that is either (1) given in writing by the manufacturer or (2) given verbally by the person selling the product. Which situation below is the best example of a Guarantee?

A

Melissa purchases a DVD player with the highest consumer ratings in its category.

B

The salesperson advises Curt to be sure that he buys an air conditioner with a guarantee.

C

The local auto body shop specializes in refurbishing and selling used cars.

D

Lori buys a used digital camera from her coworker who says that she will refund Lori

The design stage in producing a quality product related to quality assurance ensures that the quality of the design is according to the needs of the customers.

A

True

B

False