Question 1

In the context of financial controls, asset management refers to the ability to _____.

Accepted Answer

A)  use resources efficiently and operate at minimum cost 
B)  earn more in returns than the cost of debt 
C)  earn revenues greater than costs 
D)  meet short-term obligations 
E)  generate cash to pay bills 
A)  use resources efficiently and operate at minimum cost 
B)  earn more in returns than the cost of debt 
C)  earn revenues greater than costs 
D)  meet short-term obligations 
E)  generate cash to pay bills A

Question 2

Dilma, a finance manager at FinTel Inc., needs to understand the current financial position of the company in terms of meeting its short-term financial obligations. Dilma must calculate the _____ to accomplish this task.

Accepted Answer

A)  debt ratio 
B)  asset turnover 
C)  return on assets 
D)  inventory turnover 
E)  acid test ratio 
A)  debt ratio 
B)  asset turnover 
C)  return on assets 
D)  inventory turnover 
E)  acid test ratio E

Question 3

In the context of the control process, which of the following statements is true about measuring actual performance?

Accepted Answer

A)  It is the point where performance objectives identify key results that one wants to accomplish. 
B)  It involves a situation where outputs are difficult or expensive to measure. 
C)  It is the point where output standards and input standards are used to carefully document results. 
D)  It is the point where past experience becomes the baseline for evaluating current performance. 
E)  It is the practice of giving attention to situations that show the greatest need for action. 
A)  It is the point where performance objectives identify key results that one wants to accomplish. 
B)  It involves a situation where outputs are difficult or expensive to measure. 
C)  It is the point where output standards and input standards are used to carefully document results. 
D)  It is the point where past experience becomes the baseline for evaluating current performance. 
E)  It is the practice of giving attention to situations that show the greatest need for action. C

Question 4

Calculate the net income if the net margin is 75% and sales is $160,000.

Accepted Answer

A)  $120,000 
B)  $240,000 
C)  $360,000 
D)  $570,000 
E)  $600,000 
A)  $120,000 
B)  $240,000 
C)  $360,000 
D)  $570,000 
E)  $600,000

Question 5

According to financial controls, liquidity measures _____.

Accepted Answer

A)  the ability to meet short-term obligations 
B)  the use of debt 
C)  asset and inventory efficiency 
D)  the ability to earn revenues greater than costs 
E)  the ability to operate at minimum cost 
A)  the ability to meet short-term obligations 
B)  the use of debt 
C)  asset and inventory efficiency 
D)  the ability to earn revenues greater than costs 
E)  the ability to operate at minimum cost

Question 6

CPM/PERT graphically displays the scheduling of tasks required to complete a project.

Accepted Answer

A) True 
 B)False

Question 7

Input standards differ from output standards in that input standards measure _____.

Accepted Answer

A)  actual outcomes 
B)  earnings per share 
C)  work results 
D)  work efforts 
E)  error rates 
A)  actual outcomes 
B)  earnings per share 
C)  work results 
D)  work efforts 
E)  error rates

Question 8

Through _____ control, managers can manage in ways that allow and expect people to control their own behavior.

Accepted Answer

A)  normative 
B)  internal 
C)  regulatory 
D)  clan 
E)  bureaucratic 
A)  normative 
B)  internal 
C)  regulatory 
D)  clan 
E)  bureaucratic

Question 9

A balance sheet shows profits or losses of a business at a point in time.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is true of controlling?

Accepted Answer

A)  It is all about setting goals and making plans. 
B)  It is primarily involved in creating structures. 
C)  It sees to it that the right things happen, in the right way, and at the right time. 
D)  It sets the directions and allocates resources. 
E)  It brings people and material resources together in working combinations. 
A)  It is all about setting goals and making plans. 
B)  It is primarily involved in creating structures. 
C)  It sees to it that the right things happen, in the right way, and at the right time. 
D)  It sets the directions and allocates resources. 
E)  It brings people and material resources together in working combinations.

Question 11

A manager spots and corrects problems in the manufacturing cycle. Which of the following types of control does the manager practice?

Accepted Answer

A)  Output control 
B)  Concurrent control 
C)  Preliminary control 
D)  Feedback control 
E)  Post-action control 
A)  Output control 
B)  Concurrent control 
C)  Preliminary control 
D)  Feedback control 
E)  Post-action control

Question 12

____ analysis performs what-if calculations under different revenue and cost conditions.

Accepted Answer

Breakeven,

Question 13

Traxer shoes launches baby shoes at a price of $10 per unit. The fixed costs are $15,000 and variable costs are $5 per unit. What sales volume is required to break even?

Accepted Answer

A)  7500 units 
B)  3000 units 
C)  4000 units 
D)  6500 units 
E)  3500 units 
A)  7500 units 
B)  3000 units 
C)  4000 units 
D)  6500 units 
E)  3500 units

Question 14

CPM/PERT is a combination of the ____ path method and the program evaluation and review technique.

Accepted Answer

The answer of CPM/PERT is a combination of the ____...

Question 15

Which of the following is the control equation?

Accepted Answer

A)  Need for Action = Desired Performance - Actual Performance 
B)  Breakeven Point = Fixed Costs - (Price - Variable Costs) 
C)  Acid Test = Current Assets - Inventories/Current Liabilities 
D)  Debt Ratio = Total Debts/Total Assets 
E)  Net Income = Sales - Expenses 
A)  Need for Action = Desired Performance - Actual Performance 
B)  Breakeven Point = Fixed Costs - (Price - Variable Costs) 
C)  Acid Test = Current Assets - Inventories/Current Liabilities 
D)  Debt Ratio = Total Debts/Total Assets 
E)  Net Income = Sales - Expenses

Question 16

Calculate sales if the net income is $200,000 and the net margin is 50%.

Accepted Answer

A)  $480,000 
B)  $400,000 
C)  $300,000 
D)  $570,000 
E)  $600,000 
A)  $480,000 
B)  $400,000 
C)  $300,000 
D)  $570,000 
E)  $600,000

Question 17

Which of the following is true of market control?

Accepted Answer

A)  It is the way business firms use budgets for personnel, equipment, travel expenses, and the like to keep behavior targeted within set limits. 
B)  It is the way business firms emphasize hierarchy and authority. 
C)  It is the way business firms influence employees and members to display common behavior patterns. 
D)  It is the way business firms adjust products, pricing, promotions, and other practices in response to customer feedback and what competitors are doing. 
E)  It is the way business firms harness the power of group cohesiveness and collective identity. 
A)  It is the way business firms use budgets for personnel, equipment, travel expenses, and the like to keep behavior targeted within set limits. 
B)  It is the way business firms emphasize hierarchy and authority. 
C)  It is the way business firms influence employees and members to display common behavior patterns. 
D)  It is the way business firms adjust products, pricing, promotions, and other practices in response to customer feedback and what competitors are doing. 
E)  It is the way business firms harness the power of group cohesiveness and collective identity.

Question 18

A(n) ____ chart graphically displays the scheduling of tasks required to complete a project.

Accepted Answer

The answer of A(n) ____ chart graphically displays the scheduling...

Question 19

Inventory ____ ensures that inventory is only big enough to meet immediate needs.

Accepted Answer

The answer of Inventory ____ ensures that inventory is only...

Question 20

After establishing standards of performance, which of the following is the next step in the control process?

Accepted Answer

A)  Identifying the key results 
B)  Comparing results with standards 
C)  Comparing results with objectives 
D)  Implementing management by exception 
E)  Measuring the actual performance 
A)  Identifying the key results 
B)  Comparing results with standards 
C)  Comparing results with objectives 
D)  Implementing management by exception 
E)  Measuring the actual performance

In the context of financial controls, asset management refers to the ability to _____.

Dilma, a finance manager at FinTel Inc., needs to understand the current financial position of the company in terms of meeting its short-term financial obligations. Dilma must calculate the _____ to accomplish this task.

In the context of the control process, which of the following statements is true about measuring actual performance?

Calculate the net income if the net margin is 75% and sales is $160,000.

According to financial controls, liquidity measures _____.

CPM/PERT graphically displays the scheduling of tasks required to complete a project.

Input standards differ from output standards in that input standards measure _____.

Through _____ control, managers can manage in ways that allow and expect people to control their own behavior.

A balance sheet shows profits or losses of a business at a point in time.

Which of the following is true of controlling?

A manager spots and corrects problems in the manufacturing cycle. Which of the following types of control does the manager practice?

____ analysis performs what-if calculations under different revenue and cost conditions.

Traxer shoes launches baby shoes at a price of $10 per unit. The fixed costs are $15,000 and variable costs are $5 per unit. What sales volume is required to break even?

CPM/PERT is a combination of the ____ path method and the program evaluation and review technique.

Which of the following is the control equation?

Calculate sales if the net income is $200,000 and the net margin is 50%.

Which of the following is true of market control?

A(n) ____ chart graphically displays the scheduling of tasks required to complete a project.

Inventory ____ ensures that inventory is only big enough to meet immediate needs.

After establishing standards of performance, which of the following is the next step in the control process?

Management, Managers, and Careers

Management Learning Past to Present

Ethics and Social Responsibility

Environment, Technology, and Sustainability

Global Management and Cultural Diversity

Entrepreneurship and New Ventures

Data and Decision Making

Planning Processes and Techniques

Strategy and Strategic Management

Organization Structures

Organizational Culture and Change

Human Resource Management

Leading and Leadership Development

Individual Behavior

Motivation Theory and Practice

Teams and Teamwork

Communication and Collaboration

Filters

Exam 9: Control Processes and Systems

In the context of financial controls, asset management refers to the ability to _____.

Dilma, a finance manager at FinTel Inc., needs to understand the current financial position of the company in terms of meeting its short-term financial obligations. Dilma must calculate the _____ to accomplish this task.

In the context of the control process, which of the following statements is true about measuring actual performance?

Calculate the net income if the net margin is 75% and sales is $160,000.

According to financial controls, liquidity measures _____.

CPM/PERT graphically displays the scheduling of tasks required to complete a project.

Input standards differ from output standards in that input standards measure _____.

Through _____ control, managers can manage in ways that allow and expect people to control their own behavior.

A balance sheet shows profits or losses of a business at a point in time.

Which of the following is true of controlling?

A manager spots and corrects problems in the manufacturing cycle. Which of the following types of control does the manager practice?

____ analysis performs what-if calculations under different revenue and cost conditions.

Traxer shoes launches baby shoes at a price of $10 per unit. The fixed costs are $15,000 and variable costs are $5 per unit. What sales volume is required to break even?

CPM/PERT is a combination of the ____ path method and the program evaluation and review technique.

Which of the following is the control equation?

Calculate sales if the net income is $200,000 and the net margin is 50%.

Which of the following is true of market control?

A(n) ____ chart graphically displays the scheduling of tasks required to complete a project.

Inventory ____ ensures that inventory is only big enough to meet immediate needs.

After establishing standards of performance, which of the following is the next step in the control process?

Management, Managers, and Careers

Management Learning Past to Present

Ethics and Social Responsibility

Environment, Technology, and Sustainability

Global Management and Cultural Diversity

Entrepreneurship and New Ventures

Data and Decision Making

Planning Processes and Techniques

Strategy and Strategic Management

Organization Structures

Organizational Culture and Change

Human Resource Management

Leading and Leadership Development

Individual Behavior

Motivation Theory and Practice

Teams and Teamwork

Communication and Collaboration

Filters