All well-designed control systems involve the use of _____ to determine whether performance meets established standards.
For control, this type of measure is an important part of achieving higher performance.
The firm’s financial position with respect to assets and liabilities at a specific point in time is shown by its:
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?
Which of the following includes anticipated and actual expenses for a responsibility center?
_____ standards represent an international standard for quality management.
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?
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)
_____ control is the process of setting targets for an organizations expenditures.
The goal of _____ is to get every employee thinking and acting like a business owner.
All of the following are key steps of setting up feedback control systems EXCEPT:
Giving employee’s opinions
Which of the following refers to funding activities with borrowed money?
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?
_____ is a control system that identifies the various activities needed to produce a product and determines the cost of those activities.
Activity based costing
According to the control model, after establishing standards of performance the manager should:
measure actual performance
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:
is a budgeting method in which senior management develops a high-level budget for the company.
Which of the following refers to the system of governing an organization so that the interests of corporate owners are protected?
= purchase orders / customer inquiries.
Which of the following is considered a leverage ratio?
What is the first step in the feedback control system?
Establishing Standards of Performance
Which of the following allows employees to see for themselves the financial condition of the company?
The _____ ratio refers to the ability of the organization to meet its current debt obligation.
An advantage of the bottom-up budgeting process is:
Lower managers are more involved
Which of the following is the process of measuring your organizational process against the best in the industry?
Which quality control technique uses a five-step methodology to define, measure, analyze, improve, and control processes, otherwise referred to as DMAIC?
Which of the following is the systematic process through which managers regulate organizational activities?
Focusing on how well resources and human capital are being managed for the company’s future refers to which component of the balanced scorecard?
Learning and growth
The _____ plans future investments in major assets to be depreciated over several years.
A group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting their common work activities is a _____.
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?
Economic value-added system
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