Management chapter 14 example #59364

The _____ states that control is enhanced by concentrating on the exceptions to, or significant deviations from, the expected result or standard.

Control based on the use of pricing mechanisms and economic information is referred to as:

_____ is the amount accruing to the corporation's owners.

_____ show the relative amount of funds in the business supplied by creditors and shareholders.

_____ refers to the situation when managers focus on short-term earnings and profits at the expense of their longer-term strategic obligations.

The most common liquidity ratio is current assets to current liabilities, known as the:

An evaluation of the effectiveness and efficiency of various systems within an organization is called a(n):

The last step in a typical control system is:

Which of the following is the second stage of budgetary control?

The use of rules, regulations, and authority to guide performance is referred to as _____ control.

_____ are the values of the various items the corporation owns.

Control based on the norms, values, shared goals, and trust among group members is referred to as:

Which of the following relationships is true?

_____ indicates the company's ability to meet its long-term financial obligations.

Which of the following budgets is used for areas of the organization that incur expenses but no revenue?

Market controls involve the use of:

Which of the following is a definition of control?

The price charged by one unit in an organization for a good or service that it supplies to another unit in the same organization is referred to as a(n):

Which of the following is the first step in a typical control system?

Control and _____ have been called the Siamese twins of management.

_____ control involves the use of prices, competition, and exchange relationships to regulate activities in organizations as though they were economic transactions.

A company is said to lack _____ when there is an absence of policies and a lack of periodic reviews.

Which type of bureaucratic control takes place while plans are being carried out?

When employees feel forced to attempt to "beat the system," their behavior is known as:

Any process that directs the activities of individuals toward the achievement of organizational goals

Control Systems have 4 steps:

An evaluation conducted by one organization, such as a CPA firm, on another.

A periodic assessment of a company's own planning, organizing, leading, and controlling processes

The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences

usually prepared by month, sales area, and product.

is expressed in physical units.

is used for areas of the organization that incur expenses, but bring in no revenue, such as accounting, HR, Legal, etc.

is prepared after all other budget estimates are completed.

is used for the cost of fixed assets such as plant and equipment.

includes all major activities of the business.

Procedures used to verify accounting reports and statements.

A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.

The amounts a corporation owes to various creditors

An itemized financial statement of the income and expenses of a company's operations

A ratio of profit to capital used, or a rate of return from capital

Control system combining four sets of performance measures: financial, customer, business process, and learning and growth

control that focuses on the use of information about previous results to correct deviations from the acceptable standard.

the control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly

he process of finding out what's being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences.

Jane, an employee, received an e-mail from an angry client about a certain product. Although it was not Jane's fault, she hesitated to report it to her manager because she knew that she would be blamed for it and could even be fired. Based on this scenario, which of the following is true of Jane's company?

At a town hall meeting, the CEO of a company spoke energetically about adopting cost-cutting measures due to the recent economic slump. However, a few days later, the employees found out that the CEO had gone on an exotic vacation using funds from the company. Which of the following is true about this company?

_____ control includes items such as budgets, statistical reports, and performance appraisals to regulate behavior and results.

_____ control involves the use of prices, competition, and exchange relationships to regulate activities in organizations as though they were economic transactions.

The level of expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed is referred to as a(n):

_____ is the process of comparing a firm's practices and technologies with those of other organizations.

Jennifer, a manager, is in charge of production at Nanosystems, Inc. Part of her job is to ensure that the components for surgical devices are extremely accurate. In fact, it is important that they are perfectly produced. When Jennifer concentrates on the significant deviations from established standards, she is using the:

At Precision Instruments Corp., a rule has been made instructing all assembly workers to arrive early for their shift in order to wear specialized gear because the products are very sensitive to external particles. These products are assembled in a controlled environment. This requirement reflects _______ control.

Which type of control is future oriented and aims to prevent problems before they arise?

Which of the following statements is true regarding Six Sigma?

The Six Sigma approach is based on _____ that contribute(s) to customer satisfaction.

Which of the following is a use of external audits?

Kate is the financial manager at Flavors Inc., a lollipop manufacturer. One of her duties is to make a budget that shows the anticipated receipts and expenditures of the company. The budget also shows the amount of working capital available and the extent to which outside financing may be required. Kate makes this budget after all other budget estimates have been completed. Which of the following types of budget is Kate currently working on?

Max Inc. has started a new system of allocating costs according to what their employees do, rather than what the company spends. For example, labor expenses are allocated to employee tasks rather than salary and benefits. This practice is referred to as:

_____ indicate(s) a company's ability to pay short-term debts.

Catherine has recently reviewed a number of indicators of financial control. The one that troubled her indicated that the company could have trouble meeting its short-term financial obligations. Which of the following was she concerned about?

current ratio

A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities is referred to as the:

_____ indicate management's ability to generate a financial return on sales or investment.

A company enforced a rule that employees were required to submit their cell phones for safekeeping before entering their work bay. Employees followed the rule in order to avoid getting into trouble with the management. As a result, many of them missed important phone calls from their clients/customers. This scenario is an example of:

When a control system prompts employees to do only tasks required in their formal job descriptions, it is causing:

Carlos noticed a pattern at the annual budgeting session of his company. Mid-level managers were asking for unrealistically high budgets while top management was attempting to limit budgets under last year's actual expenditures. The management's strategies are referred to as:

Which of the following is a reason why employees resist control systems?

To be effective, control systems must:

In order to gain employee acceptance of useful performance standards, a manager can:

The use of market control mechanisms has been criticized by those who believe that:

Traditionally, boards have tried to control CEO performance mainly through:

Empowerment is important in organizations today because:

Which of the following is recommended for managing in an empowered setting?

Which of the following is true of managing in an empowered world?