Management 1310 Ch. 19 (Dickens) – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which of the following includes anticipated and actual expenses for a responsibility center?
answer
Expense budget
question
Which of the following refers to funding activities with borrowed money?
answer
Leverage
question
Which quality control technique uses a five-step methodology to define, measure, analyze, improve, and control processes, otherwise referred to as DMAIC?
answer
Six Sigma
question
_____ standards represent an international standard for quality management.
answer
ISO 9000
question
A group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting their common work activities is a _____.
answer
quality circle
question
Which of the following is a control system that measures performance in terms of after-tax profits minus the cost of capital invested in tangible assets?
answer
Economic value-added system
question
Which of the following is considered a leverage ratio?
answer
Debt ratio
question
Which of the following is the process of measuring your organizational process against the best in the industry?
answer
Benchmarking
question
The _____ is purchase orders divided by customer inquiries.
answer
conversion ratio
question
Which of the following is a comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors?
answer
Balanced scorecard
question
_____ is a control system that identifies the various activities needed to produce a product and determines the cost of those activities.
answer
Activity-based costing
question
An advantage of the bottom-up budgeting process is:
answer
lower managers are more involved.
question
Which of these is a financial budget that estimates cash flows on a daily basis or weekly basis to ensure that the company can meet its obligations?
answer
Cash budget
question
The goal of _____ is to get every employee thinking and acting like a business owner.
answer
open-book management
question
What is the first step in the feedback control system?
answer
Establishing standards of performance
question
All of the following are key steps of setting up feedback control systems EXCEPT:
answer
getting employee opinions.
question
All well-designed control systems involve the use of _____ to determine whether performance meets established standards.
answer
feedback
question
_____ control is the process of setting targets for an organizations expenditures.
answer
Budgetary
