Exam 15: Managing Quality and Performance

refers) to the difference between assets and liabilities and is the company's net worth in stock and retained earnings.

What is the first step in the feedback control system?

Liabilities are the firm's debts, both current and long-term.

Scenario - Katrina Aldridge The yearly auditing review of Pilgrim Industries is scheduled for next month. Katrina Aldridge is preparing for that audit and is also preparing her budget for the coming year. -Which of these budgets will provide Katrina information about planned investments in major assets like buildings and heavy machinery?

A standard for performance is included in an organization's overall strategic plan to compare organizational activities against.

Discuss the positive and negative factors that can influence the success of a TQM program.

The system of governing an organization so that the interests of corporate owners are protected refers to corporate governance.

An expense budget lists forecasted and actual revenues of the organization.

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?

The systematic process of regulating organizational activities to make them consistent with the expectations in plans, targets, and standards of performance refers to organizational control.

An _______lists forecasted and actual revenues of the organization.

Sharing financial information and results with all employees in the organization is called management.

_______refers to the system of governing an organization so that the interests of corporate owners are protected.

The percentage representing what a company earned from its assets is called .

The liquidity ratio shows the company's ability to meet its current debt obligations and a measurement of the firm's margin of safety.

A group of six to twelve volunteer employees who meet regularly to discuss and solve problems affecting their common work activities refers to a quality team.

It seems that once a year the managers of Stone Construction, Inc. attempt a major organization intervention, such as management-by-objectives. They never seem to be satisfied with the performance of Stone Construction and, sure enough, 12 months later, along comes another major intervention. By implementing organizational change in this way, Stone Construction's management may well be violating the principle of:

A balance sheet budget is a budget that plans and reports investments in major assets to be depreciated over several years.

An activity ratio that measures how many times the inventory is turned over to meet the total sales figure is called the inventory turnover.

A cash budget estimates receipts and expenditures of money on a daily or weekly basis..