Question 1

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

Accepted Answer

A)  activity ratio. 
B)  profitability ratio. 
C)  income statement. 
D)  liquidity ratio. 
E)  balance sheet. 
A)  activity ratio. 
B)  profitability ratio. 
C)  income statement. 
D)  liquidity ratio. 
E)  balance sheet.

Question 2

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

Accepted Answer

A)  Open-book management 
B)  An economic value-added system 
C)  Activity-based costing 
D)  An inappropriate control system 
E)  Market value-added system 
A)  Open-book management 
B)  An economic value-added system 
C)  Activity-based costing 
D)  An inappropriate control system 
E)  Market value-added system

Question 3

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

Accepted Answer

A)  Balanced scorecard 
B)  Six Sigma 
C)  Continuous improvement 
D)  Total quality management 
E)  Open-book management 
A)  Balanced scorecard 
B)  Six Sigma 
C)  Continuous improvement 
D)  Total quality management 
E)  Open-book management

Question 4

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

Accepted Answer

Corporate

Question 5

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

Accepted Answer

A)  capital budget 
B)  balance sheet budget 
C)  cash budget 
D)  revenue budget 
E)  profit budget 
A)  capital budget 
B)  balance sheet budget 
C)  cash budget 
D)  revenue budget 
E)  profit budget

Question 6

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

Accepted Answer

A)  Assets 
B)  Current debt 
C)  Net profit 
D)  Owners' equity 
E)  Liabilities 
A)  Assets 
B)  Current debt 
C)  Net profit 
D)  Owners' equity 
E)  Liabilities

Question 7

Benchmarking is the age-old practice of allowing the artisan to sign his name to the finished product.

Accepted Answer

A) True 
 B)False

Question 8

CASE
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?

Accepted Answer

A)  Cash budget 
B)  Revenue budget 
C)  Capital budget 
D)  Expense Budget 
E)  Balance-Sheet budget 
A)  Cash budget 
B)  Revenue budget 
C)  Capital budget 
D)  Expense Budget 
E)  Balance-Sheet budget

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The income statement shows revenues coming into the organization from all sources and subtracts all expenses.

Accepted Answer

A) True 
 B)False

Question 11

Open-book management ties employee rewards to the company's overall success.

Accepted Answer

A) True 
 B)False

Question 12

Decentralized control is usually implemented in all of the following areas EXCEPT:

Accepted Answer

A)  self-control. 
B)  peer group. 
C)  corporate culture. 
D)  employee selection and socialization. 
E)  the quality control department. 
A)  self-control. 
B)  peer group. 
C)  corporate culture. 
D)  employee selection and socialization. 
E)  the quality control department.

Question 13

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

Accepted Answer

A)  management-by-walking around 
B)  closed-book management 
C)  MBO 
D)  open-book management 
E)  just-in-time inventory systems 
A)  management-by-walking around 
B)  closed-book management 
C)  MBO 
D)  open-book management 
E)  just-in-time inventory systems

Question 14

Zachary, a manager at ExecuComp, receives quarterly reports, which track his department's production statistics. However, these reports lack key information regarding reject rates. Which of the following components of the control model need improvement?

Accepted Answer

A)  Measuring actual performance 
B)  The planning and setting of performance standards 
C)  SWOT analysis 
D)  The ability to take corrective action when necessary 
E)  All of these 
A)  Measuring actual performance 
B)  The planning and setting of performance standards 
C)  SWOT analysis 
D)  The ability to take corrective action when necessary 
E)  All of these

Question 15

Identify and briefly describe each of the common financial ratios addressed in your text.

Accepted Answer

The major categories addressed

Question 16

A(n) _____ includes anticipated and actual expenses for each responsibility center and for the total organization.

Accepted Answer

The answer of A(n) _____ includes anticipated and actual expenses...

Question 17

Which of the following is a ratio that measures the firm's internal performance with respect to key activities defined by management?

Accepted Answer

A)  A liquidity ratio 
B)  An activity ratio 
C)  Return on total assets 
D)  A current ratio 
E)  Profit margin on sales 
A)  A liquidity ratio 
B)  An activity ratio 
C)  Return on total assets 
D)  A current ratio 
E)  Profit margin on sales

Question 18

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

Accepted Answer

The answer of Sharing financial information and results with all...

Question 19

The control "system" at FreshFood Corporation is based on the culture of the organization and norms that develop in the individual work teams. This is an example of:

Accepted Answer

A)  bureaucratic control. 
B)  decentralized control. 
C)  organizational control. 
D)  feedback control. 
E)  none of these. 
A)  bureaucratic control. 
B)  decentralized control. 
C)  organizational control. 
D)  feedback control. 
E)  none of these.

Question 20

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

Accepted Answer

total qual

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

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

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

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

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

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

Benchmarking is the age-old practice of allowing the artisan to sign his name to the finished product.

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

The income statement shows revenues coming into the organization from all sources and subtracts all expenses.

Open-book management ties employee rewards to the company's overall success.

Decentralized control is usually implemented in all of the following areas EXCEPT:

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

Zachary, a manager at ExecuComp, receives quarterly reports, which track his department's production statistics. However, these reports lack key information regarding reject rates. Which of the following components of the control model need improvement?

Identify and briefly describe each of the common financial ratios addressed in your text.

A(n) _____ includes anticipated and actual expenses for each responsibility center and for the total organization.

Which of the following is a ratio that measures the firm's internal performance with respect to key activities defined by management?

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

The control "system" at FreshFood Corporation is based on the culture of the organization and norms that develop in the individual work teams. This is an example of:

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Small Business Start Ups

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters

Exam 19: Managing Quality and Performance

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

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

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

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

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

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

Benchmarking is the age-old practice of allowing the artisan to sign his name to the finished product.

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

The income statement shows revenues coming into the organization from all sources and subtracts all expenses.

Open-book management ties employee rewards to the company's overall success.

Decentralized control is usually implemented in all of the following areas EXCEPT:

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

Zachary, a manager at ExecuComp, receives quarterly reports, which track his department's production statistics. However, these reports lack key information regarding reject rates. Which of the following components of the control model need improvement?

Identify and briefly describe each of the common financial ratios addressed in your text.

A(n) _____ includes anticipated and actual expenses for each responsibility center and for the total organization.

Which of the following is a ratio that measures the firm's internal performance with respect to key activities defined by management?

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

The control "system" at FreshFood Corporation is based on the culture of the organization and norms that develop in the individual work teams. This is an example of:

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Small Business Start Ups

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters