Exam 18: Managing Quality and Performance

____________________ refers to the number of steps taken to complete a company process.

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

A budgeting process in which middle and lower-level managers set departmental budget targets in accordance with overall company revenues and expenditures specified by top management is called ____________________ budgeting.

The balance sheet shows the firm's financial position with respect to expenses and credits at a specific point in time.

A budgeting process in which lower-level manager's budget their departments' resource needs and pass them up to top management for approval is called ____________________ budgeting.

The implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis is referred to as ____________________.

Kendra is a manager at George's Goodies. On a regular basis Kendra and her subordinates set individual and organizational goals. This process is similar to which component of the control model?

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

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

The final step of the feedback control model is to do nothing if performance is adequate or to take corrective action if performance is inadequate.

List the four major perspectives of a balanced scorecard.

Which of these is based on a set of international standards for quality?

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

Describe the difference between a balance sheet and an income statement.

The conversion ratio is considered to be a(n)

Reduced cycle time is one of the common techniques of TQM, and refers to the ability of TQM to shorten the time required to receive inventory after placing an order for it.

Bottom-up budgeting is a process in which lower level managers anticipate their department's resource needs and pass them up to top management for approval.

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

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

Quality circles are based on the assumption(s) that