Question 1

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

Accepted Answer

The major categories addressed in the text are liquidity ratios, activity ratios, profitability ratios, and leverage ratios. The liquidity ratio indicates an organization's ability to meet its current debt obligations. Two liquidity ratios are the current ratio and the quick ratio. The activity ratio measures internal performance with respect to key activities defined by management. Inventory turnover and the conversion ratio are activity ratios. The profitability ratio describes the firm's profits relative to a source of profits, such as sales or assets. Profitability ratios include profit margin on sales, gross margin, and return on assets. A leverage ratio refers to funding activities with borrowed money. The debt ratio is a leverage ratio.

Question 2

__________ is an organization-wide effort to infuse quality into every activity in a company through continuous improvement.

Accepted Answer

Total quality management (TQM)

Question 3

The __________ summarizes the firm's financial performance for a given time interval, usually one year.

Accepted Answer

income statement

Question 4

__________ relies on cultural values, traditions, shared beliefs, and trust to foster compliance with organizational goals.

Accepted Answer

Decentrali

Question 5

Contingency factors that can influence the success of a total quality management (TQM) program in a positive way include all of the following except:

Accepted Answer

A)  tasks make great skill demands on employees. 
B)  TQM serves to enrich jobs and motivate employees. 
C)  problem-solving skills are improved for all employees. 
D)  participation and teamwork are used to tackle significant problems. 
E)  managers wait for big, dramatic innovations. 
A)  tasks make great skill demands on employees. 
B)  TQM serves to enrich jobs and motivate employees. 
C)  problem-solving skills are improved for all employees. 
D)  participation and teamwork are used to tackle significant problems. 
E)  managers wait for big, dramatic innovations.

Question 6

The conversion ratio is considered to be a(n) __________ ratio.

Accepted Answer

A)  activity 
B)  liquidity 
C)  profitability 
D)  leverage 
E)  cash 
A)  activity 
B)  liquidity 
C)  profitability 
D)  leverage 
E)  cash

Question 7

List the four steps in the feedback control model.

Accepted Answer

Establish standards of performance, meas

Question 8

Approaches to quality and financial control must change with the times. In a short essay, evaluate the effect that the changing global economy and increased awareness of corporate accountability are having on organizational management and processes.

Accepted Answer

Many companies are responding to changin

Question 9

At RWI Distilleries, rules and procedures are used only when necessary. Instead, managers rely on shared goals and values to control employee behavior. RWI uses what type of organizational control?

Accepted Answer

A)  Centralized 
B)  Hierarchical 
C)  Decentralized 
D)  Top-down 
E)  Balanced 
A)  Centralized 
B)  Hierarchical 
C)  Decentralized 
D)  Top-down 
E)  Balanced

Question 10

The __________ measures internal performance with respect to key activities defined by management.

Accepted Answer

The answer of The __________ measures internal performance with respect...

Question 11

A Six Sigma process will typically result in one defective package of products for every three truckloads shipped.

Accepted Answer

A) True 
 B)False

Question 12

A responsibility center involves the coordination of multiple managers from various departments to carry out an activity.

Accepted Answer

A) True 
 B)False

Question 13

Return on assets is an activity ratio that is a percentage representing what a company earned from its assets.

Accepted Answer

A) True 
 B)False

Question 14

A manager can use a variety of approaches when seeking to measure and control performance. Write a short essay in which you contrast and compare the hierarchical and the decentralized control processes, and explain the factors that help determine which method is used.

Accepted Answer

Hierarchical control involves monitoring

Question 15

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

Accepted Answer

A)  Customer service 
B)  Potential for learning and growth 
C)  Financial performance 
D)  Internal business processes 
E)  External business processes 
A)  Customer service 
B)  Potential for learning and growth 
C)  Financial performance 
D)  Internal business processes 
E)  External business processes

Question 16

The __________ ratio indicates an organization's ability to meet its current debt obligations.

Accepted Answer

A)  activity 
B)  liquidity 
C)  profitability 
D)  conversion 
E)  growth 
A)  activity 
B)  liquidity 
C)  profitability 
D)  conversion 
E)  growth

Question 17

Ophelia, the new CEO at Odyssey Inc., plans to implement a highly effective systematic process of regulating organizational activities to make them consistent with the expectations that are established by managers within the company. This is referred to as __________ control.

Accepted Answer

A)  organizational 
B)  feedback 
C)  budgetary 
D)  systems 
E)  quality 
A)  organizational 
B)  feedback 
C)  budgetary 
D)  systems 
E)  quality

Question 18

What is the difference between top-down budgeting and bottom-up budgeting?

Accepted Answer

Top-down budgeting means that the budget

Question 19

Closed-book management helps employees appreciate why efficiency is important to the organization's success as well as their own.

Accepted Answer

A) True 
 B)False

Question 20

__________ standards represent an international consensus of what constitutes effective quality management.

Accepted Answer

A)  ISO 9000 
B)  Six Sigma 
C)  TQM 
D)  Kaizen 
E)  Foreign Economy Index 
A)  ISO 9000 
B)  Six Sigma 
C)  TQM 
D)  Kaizen 
E)  Foreign Economy Index

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

__________ is an organization-wide effort to infuse quality into every activity in a company through continuous improvement.

The __________ summarizes the firm's financial performance for a given time interval, usually one year.

__________ relies on cultural values, traditions, shared beliefs, and trust to foster compliance with organizational goals.

Contingency factors that can influence the success of a total quality management (TQM) program in a positive way include all of the following except:

The conversion ratio is considered to be a(n) __________ ratio.

List the four steps in the feedback control model.

Approaches to quality and financial control must change with the times. In a short essay, evaluate the effect that the changing global economy and increased awareness of corporate accountability are having on organizational management and processes.

At RWI Distilleries, rules and procedures are used only when necessary. Instead, managers rely on shared goals and values to control employee behavior. RWI uses what type of organizational control?

The __________ measures internal performance with respect to key activities defined by management.

A Six Sigma process will typically result in one defective package of products for every three truckloads shipped.

A responsibility center involves the coordination of multiple managers from various departments to carry out an activity.

Return on assets is an activity ratio that is a percentage representing what a company earned from its assets.

A manager can use a variety of approaches when seeking to measure and control performance. Write a short essay in which you contrast and compare the hierarchical and the decentralized control processes, and explain the factors that help determine which method is used.

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

The __________ ratio indicates an organization's ability to meet its current debt obligations.

Ophelia, the new CEO at Odyssey Inc., plans to implement a highly effective systematic process of regulating organizational activities to make them consistent with the expectations that are established by managers within the company. This is referred to as __________ control.

What is the difference between top-down budgeting and bottom-up budgeting?

Closed-book management helps employees appreciate why efficiency is important to the organization's success as well as their own.

__________ standards represent an international consensus of what constitutes effective quality management.

The World of Innovative Management

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Start-Ups and New Ventures

Planning and Global Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Organization Structure

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Invidividual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters

Exam 19: Managing Quality and Performance

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

__________ is an organization-wide effort to infuse quality into every activity in a company through continuous improvement.

The __________ summarizes the firm's financial performance for a given time interval, usually one year.

__________ relies on cultural values, traditions, shared beliefs, and trust to foster compliance with organizational goals.

Contingency factors that can influence the success of a total quality management (TQM) program in a positive way include all of the following except:

The conversion ratio is considered to be a(n) __________ ratio.

List the four steps in the feedback control model.

Approaches to quality and financial control must change with the times. In a short essay, evaluate the effect that the changing global economy and increased awareness of corporate accountability are having on organizational management and processes.

At RWI Distilleries, rules and procedures are used only when necessary. Instead, managers rely on shared goals and values to control employee behavior. RWI uses what type of organizational control?

The __________ measures internal performance with respect to key activities defined by management.

A Six Sigma process will typically result in one defective package of products for every three truckloads shipped.

A responsibility center involves the coordination of multiple managers from various departments to carry out an activity.

Return on assets is an activity ratio that is a percentage representing what a company earned from its assets.

A manager can use a variety of approaches when seeking to measure and control performance. Write a short essay in which you contrast and compare the hierarchical and the decentralized control processes, and explain the factors that help determine which method is used.

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

The __________ ratio indicates an organization's ability to meet its current debt obligations.

Ophelia, the new CEO at Odyssey Inc., plans to implement a highly effective systematic process of regulating organizational activities to make them consistent with the expectations that are established by managers within the company. This is referred to as __________ control.

What is the difference between top-down budgeting and bottom-up budgeting?

Closed-book management helps employees appreciate why efficiency is important to the organization's success as well as their own.

__________ standards represent an international consensus of what constitutes effective quality management.

The World of Innovative Management

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Start-Ups and New Ventures

Planning and Global Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Organization Structure

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Invidividual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters