Exam 9: Control Processes and Systems

Suppose that in reviewing a quarterly report of a department's achievements, the manager compared desired performance with actual performance. If the manager found that actual performance was greater than the standard, the manager should ___.

In the context of financial controls, which of the following best describes leverage?

When working on a project, which technique can be used to control the activities of what needs to be done, what order they can be done, how long each will take, and how long the whole project is expected to take.

Controlling does all of the following except

The four steps of the control process are: establish objectives and standards; ___; compare results with objectives and standards, and ___.

Calculate return on assets from the following information: Net income $1,800,000 Current Assets $350,000 Land and building $250,000.

Asset management ratios measure a company's asset and inventory efficiency.

Acid Test = ___.

Without some form of measurement of results, effective control is not possible.

Explain briefly the two broad options managers have with respect to control system.

The central question of ___ control is: "What can be done to improve things right now?"

Effective control typically involves some combination of internal and external control.

Identify and describe the three types of control.

Leverage measures the ability of a firm to meet short-term obligations.

Controlling makes sure that individual and group performance is consistent with plans and employees comply with organizational policies and procedures.

___ is essentially the influence of customers and competition on the behaviour of organizations and their members.

Which of the following is true of feedforward control?

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

Scheduling materials to arrive on a timely basis at a workstation or facility in order to reduce costs and improve workflow is known as ___.

Ordering a fixed number of items every time an inventory level falls to a predetermined point is called the ___.