Question 1

Match the options below with the correct phrase:
-financial budget

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 2

A budget is a concurrent control.

Accepted Answer

A) True 
 B)False

Question 3

Corporate assets such as land,buildings,and heavy equipment are itemized with ____________ budgets.

Accepted Answer

A) cash 
B) profit 
C) revenue 
D) capital expenditures

Question 4

The percentage of an organization's work force not at work on any given day is ____________.

Accepted Answer

A) turnover 
B) absenteeism 
C) employee behavior 
D) employee attendance

Question 5

Match the options below with the correct phrases:
-standard

Accepted Answer

A) an area of operations that directly affects the survival of a firm and the success of its most essential activities 
B) feedforward, concurrent, and feedback controls 
C) a control that focuses on results 
D) a guideline or benchmark for measurement 
E) in-process controls (during the "event")
F)a control that prevents defects
G)the process through which standards for the performance of people and processes are applied
H)establishing performance standards, measuring performance, comparing measured performance to established standards, and taking corrective action

Question 6

If managers want to design controls that will be accepted they should:

Accepted Answer

A) create easy to follow procedures 
B) let employees "ease into it" 
C) involve employees in the creation process 
D) reward employees for understanding the control mechanisms

Question 7

Fixed assets are assets that are normally converted into cash within one year from the date of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 8

A(n)____________ is any guideline or benchmark established as a basis for measurement or point of reference.

Accepted Answer

A) indication 
B) rule of thumb 
C) estimation 
D) standard

Question 9

Match the options below with the correct phrase:
-income statement

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 10

Match the options below with the correct phrase:
-marketing research

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 11

A ratio expresses the relationship between numbers.

Accepted Answer

A) True 
 B)False

Question 12

Budgets serve managers in all of the following important ways  except ____________.

Accepted Answer

A) allocation and coordination of resources 
B) monitoring of systems 
C) controlling of expenditures 
D) inspecting resources

Question 13

Financial resources are central to management.

Accepted Answer

A) True 
 B)False

Question 14

Match the options below with the correct phrase:
-financial responsibility center

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Question 15

Performance appraisals and attitude surveys are a part of ____________.

Accepted Answer

A) accounting 
B) human resource controls 
C) inventory controls 
D) financial controls

Question 16

Control techniques are used to measure and monitor the performances of an organization,its people,and its processes.

Accepted Answer

A) True 
 B)False

Question 17

There is usually a direct correlation between the complexity of a control and the amount of confusion it generates.

Accepted Answer

A) True 
 B)False

Question 18

Effective feedback from the controlling process should indicate the progress or regression of the objectives.

Accepted Answer

A) True 
 B)False

Question 19

____________ is a process quality goal that helps companies deliver near perfect.

Accepted Answer

A) Six Sigma 
B) Management productivity monitor 
C) Quality management 
D) Motorola-Quality-Service

Question 20

Match the options below with the correct phrase:
-ratio

Accepted Answer

A) a relationship of two numbers 
B) income - expenses = profit or loss 
C) a budget that always must be justified from "square one" 
D) a formal investigation conducted to determine if financial documents are correct and consistent with the organization's policies, rules, and procedures 
E) treats employees as assets
F)details how each financial responsibility center will manage its cash
G)provides estimates of revenues and expenses for a given period of time
H)assets = liabilities + stockholders' equity
I)each financial responsibility center's financial plan
J)an organizational unit that contributes costs, revenues, profits, or investments
K)involves selecting two critical figures from a financial statement and expressing their relationship as a ratio or percentage
L)a feedforward control technique that
M)a person responsible for planning and overseeing managment of all risks
N)a disciplined process that focuses on developing near-perfect products
O)cash flow statement
P)designed to measure and monitor specific aspects of an organization
Q)an inventory control system that matches purchasing with need

Exam 16: Control: Purpose, Process, and Techniques

Match the options below with the correct phrase: -financial budget

A budget is a concurrent control.

Corporate assets such as land,buildings,and heavy equipment are itemized with ____________ budgets.

The percentage of an organization's work force not at work on any given day is ____________.

Match the options below with the correct phrases: -standard

If managers want to design controls that will be accepted they should:

Fixed assets are assets that are normally converted into cash within one year from the date of the balance sheet.

A(n) ____________ is any guideline or benchmark established as a basis for measurement or point of reference.

Match the options below with the correct phrase: -income statement

Match the options below with the correct phrase: -marketing research

A ratio expresses the relationship between numbers.

Budgets serve managers in all of the following important ways except ____________.

Financial resources are central to management.

Match the options below with the correct phrase: -financial responsibility center

Performance appraisals and attitude surveys are a part of ____________.

Control techniques are used to measure and monitor the performances of an organization,its people,and its processes.

There is usually a direct correlation between the complexity of a control and the amount of confusion it generates.

Effective feedback from the controlling process should indicate the progress or regression of the objectives.

____________ is a process quality goal that helps companies deliver near perfect.

Match the options below with the correct phrase: -ratio