Please enter something

MGMT 3310: Chapter 19

question

All well-designed control systems involve the use of _____ to determine whether performance meets established standards.
answer

Feedback
question

For control, this type of measure is an important part of achieving higher performance.
answer

Statistical
question

The firm’s financial position with respect to assets and liabilities at a specific point in time is shown by its:
answer

Balance sheet
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

Which of the following includes anticipated and actual expenses for a responsibility center?
answer

Expense budget
question

_____ standards represent an international standard for quality management.
answer

ISO 9000
question

In the process of implementing the balanced scorecard approach at his company, operations manager Seth Howard wonders whether internal activities and processes add value for customers and shareholders. This involves which dimension of the balanced scorecard?
answer

Internal business processes refers to internal business processes. Metrics based on this perspective allow the managers to know how well their business is running, and whether its products and services conform to customer requirements (the mission)
question

_____ control is the process of setting targets for an organizations expenditures.
answer

Budgetary
question

The goal of _____ is to get every employee thinking and acting like a business owner.
answer

Open-book management
question

All of the following are key steps of setting up feedback control systems EXCEPT:
answer

Giving employee’s opinions
question

Which of the following refers to funding activities with borrowed money?
answer

Leverage
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

According to the control model, after establishing standards of performance the manager should:
answer

measure actual performance
question

Brad is a department manager at Home Theater, Inc. His sole role in the budget process is to implement the budget that is developed for him. This is an example of:
answer

Top-down budgeting is a budgeting method in which senior management develops a high-level budget for the company.
question

Which of the following refers to the system of governing an organization so that the interests of corporate owners are protected?
answer

Corporate governance
question

= purchase orders / customer inquiries.
answer

Conversion ratio
question

Which of the following is considered a leverage ratio?
answer

Debt ratio
question

What is the first step in the feedback control system?
answer

Establishing Standards of Performance
question

Which of the following allows employees to see for themselves the financial condition of the company?
answer

Open-book management
question

The _____ ratio refers to the ability of the organization to meet its current debt obligation.
answer

Liquidity
question

An advantage of the bottom-up budgeting process is:
answer

Lower managers are more involved
question

Which of the following is the process of measuring your organizational process against the best in the industry?
answer

Benchmarking
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

Which of the following is the systematic process through which managers regulate organizational activities?
answer

Organizational Control
question

Focusing on how well resources and human capital are being managed for the company’s future refers to which component of the balanced scorecard?
answer

Learning and growth
question

The _____ plans future investments in major assets to be depreciated over several years.
answer

Capital Budget
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