Exam 8: Control, Change, and Entrepreneurship

The financial ratio that indicates whether or not the organization is capable of paying off its short-term debts without having to sell its inventory is the ________ ratio.

Adaptive cultures are those whose values and norms help an organization to build momentum and to grow and change as needed to achieve its goals and be effective.

A mechanism of control utilized in organizational culture is ________.

In companies that have an adaptive culture, employees are ________.

Entrepreneurship is the mobilization of resources to ________.

List the common problems entrepreneurs have in managing their organizations.

The inventory turnover ratio is an example of the activity ratio of an organization.

Which of the following happens in the conversion stage?

The manager of Triks Burgers keeps track of the number of customers served at different periods of the day in an attempt to plan a schedule for workers that matches the demand for the restaurant's products. By using this tracking system, the manager of Triks Burgers is utilizing ________ control.

Calculate the current ratio of the organization from the information given below. Sales = $200,000; Gross Profit = $40,000; Total Assets = $450,000; Current Assets = $250,000; Current Liabilities = $300,000

Define control systems and mention the three characteristics of an effective control system.

Control by means of a comprehensive system of rules and standard operating procedures that shape and regulate the behavior of divisions, functions, and individuals is known as bureaucratic control.

An organization's net income before taxes divided by the total assets of the organization is known as ________.

The CEO of a company would like to know whether his managers can pay off claims of short-term creditors without selling inventory. What ratio will help him understand the company's liquidity?

Action Explosives gives specifications to its suppliers of raw materials in an attempt to improve the quality of those raw materials and to minimize and anticipate the problems they are likely to face in the conversion process. This is an example of ________ control.

The performance ratio that measures the efficiency of the organization in terms of how well the resources of the organization have been used to generate profit is a(n) _______ ratio.

The manager of Inkman, a convenience store, keeps track of the average sale amount for each customer as a way of deciding on the product mix to be carried in the store. This is an example of ________ control.

Brennan Manufacturing monitors the number of customer returns for each product model to track when the organization is producing a large number of defective products. In this case, Brennan Manufacturing is using ________ control.

The most commonly used financial performance measure that allows managers of one organization to compare performance with that of other organizations is ________.

The managers of Foodex, a fast food restaurant, record outputs on a daily basis by counting how many customers their employees serve, the time each transaction takes, and how much money each customer spends every day. With reference to the control process, the managers of Foodex are ________.