Question 1

An expense budget lists forecasted and actual revenues of the organization.

Accepted Answer

A) True 
 B)False

Question 2

At LBK Industries, responsibility for quality control rests with a team of quality control inspectors and supervisors rather than with employees. LBK uses what type of organizational control?

Accepted Answer

A)  Matrix control 
B)  Hierarchical control 
C)  Decentralized control 
D)  Bottom-up control 
E)  Balanced control 
A)  Matrix control 
B)  Hierarchical control 
C)  Decentralized control 
D)  Bottom-up control 
E)  Balanced control

Question 3

Identify and briefly describe the four steps of the feedback control model.

Accepted Answer

The four steps are 1) establis

Question 4

Which of the following includes anticipated and actual expenses for a responsibility center?

Accepted Answer

A)  Revenue budget 
B)  Cash budget 
C)  Capital budget 
D)  Expense budget 
E)  Operating budget 
A)  Revenue budget 
B)  Cash budget 
C)  Capital budget 
D)  Expense budget 
E)  Operating budget

Question 5

Companies today are increasingly shifting from a hierarchical control process to one that is more decentralized.

Accepted Answer

A) True 
 B)False

Question 6

A(n) _____ ratio indicates an organization's ability to meet its current debt obligations.

Accepted Answer

The answer of A(n) _____ ratio indicates an organization's ability...

Question 7

CASE
Scenario - Katrina Aldridge
The yearly auditing review of Pilgrim Industries is scheduled for next month. Katrina Aldridge is preparing for that audit and is also preparing her budget for the coming year.
-Katrina has also requested that the financial ratios be calculated and analyzed for her. Which of the following ratios will give her the best information for evaluating liquidity?

Accepted Answer

A)  Profit margin on sales 
B)  Current ratio 
C)  Conversion ratio 
D)  Return on assets 
E)  None of these. 
A)  Profit margin on sales 
B)  Current ratio 
C)  Conversion ratio 
D)  Return on assets 
E)  None of these.

Question 8

Ron meets with his company's accountant to discuss the budget of anticipated and actual expenses for each segment of the organization. This involves review of which type of budget?

Accepted Answer

A)  Expense budget 
B)  Revenue budget 
C)  Cash budget 
D)  Capital budget 
E)  Nonfinancial budget 
A)  Expense budget 
B)  Revenue budget 
C)  Cash budget 
D)  Capital budget 
E)  Nonfinancial budget

Question 9

Discuss the evolution of the balanced scorecard from a system that places equal emphasis on performance management categories to one that emphasizes cause and effect.

Accepted Answer

This process is illustrated in Exhibit 1

Question 10

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?

Accepted Answer

A)  Taking corrective action when necessary 
B)  An information system 
C)  Establishing performance standards 
D)  Engaging strategic analysis 
E)  None of these 
A)  Taking corrective action when necessary 
B)  An information system 
C)  Establishing performance standards 
D)  Engaging strategic analysis 
E)  None of these

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

In a TQM program, what is benchmarking?

Accepted Answer

Benchmarking is the continuous process o

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

The use of cultural values, traditions, shared beliefs and trust to increase compliance with goals refers to decentralized control.

Accepted Answer

A) True 
 B)False

Question 15

Stella, a systems manager for a large technology company, would like to get an understanding of her company's financial position with respect to assets and liabilities at the end of the fiscal year. Which financial statement should she refer to?

Accepted Answer

A)  Income statement 
B)  Activity ratio 
C)  TQM report 
D)  Balance sheet 
E)  Balance scorecard 
A)  Income statement 
B)  Activity ratio 
C)  TQM report 
D)  Balance sheet 
E)  Balance scorecard

Question 16

An advantage of the bottom-up budgeting process is:

Accepted Answer

A)  its emphasis on bureaucratic control. 
B)  lower managers are more involved. 
C)  top managers control the information flow. 
D)  top managers are often not committed to achieving budget targets. 
E)  all of these. 
A)  its emphasis on bureaucratic control. 
B)  lower managers are more involved. 
C)  top managers control the information flow. 
D)  top managers are often not committed to achieving budget targets. 
E)  all of these.

Question 17

Which of the following refers to the system of governing an organization so that the interests of corporate owners are protected?

Accepted Answer

A)  Quality circle 
B)  Corporate governance 
C)  ISO certification 
D)  Open-book management 
E)  Balance scorecard 
A)  Quality circle 
B)  Corporate governance 
C)  ISO certification 
D)  Open-book management 
E)  Balance scorecard

Question 18

The capital budget lists planned investments in major assets such as buildings, heavy machinery, or complex information technology systems.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is the systematic process through which managers regulate organizational activities?

Accepted Answer

A)  Strategic planning 
B)  Organizational control 
C)  Organizational goal setting 
D)  Strategic regulation 
E)  Organizational leading 
A)  Strategic planning 
B)  Organizational control 
C)  Organizational goal setting 
D)  Strategic regulation 
E)  Organizational leading

Question 20

The systematic process through which managers regulate organizational activities is known as _____.

Accepted Answer

organizati

An expense budget lists forecasted and actual revenues of the organization.

At LBK Industries, responsibility for quality control rests with a team of quality control inspectors and supervisors rather than with employees. LBK uses what type of organizational control?

Identify and briefly describe the four steps of the feedback control model.

Which of the following includes anticipated and actual expenses for a responsibility center?

Companies today are increasingly shifting from a hierarchical control process to one that is more decentralized.

A(n) _____ ratio indicates an organization's ability to meet its current debt obligations.

Ron meets with his company's accountant to discuss the budget of anticipated and actual expenses for each segment of the organization. This involves review of which type of budget?

Discuss the evolution of the balanced scorecard from a system that places equal emphasis on performance management categories to one that emphasizes cause and effect.

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?

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

In a TQM program, what is benchmarking?

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

The use of cultural values, traditions, shared beliefs and trust to increase compliance with goals refers to decentralized control.

Stella, a systems manager for a large technology company, would like to get an understanding of her company's financial position with respect to assets and liabilities at the end of the fiscal year. Which financial statement should she refer to?

An advantage of the bottom-up budgeting process is:

Which of the following refers to the system of governing an organization so that the interests of corporate owners are protected?

The capital budget lists planned investments in major assets such as buildings, heavy machinery, or complex information technology systems.

Which of the following is the systematic process through which managers regulate organizational activities?

The systematic process through which managers regulate organizational activities is known as _____.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Small Business Start Ups

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters

Exam 19: Managing Quality and Performance

An expense budget lists forecasted and actual revenues of the organization.

At LBK Industries, responsibility for quality control rests with a team of quality control inspectors and supervisors rather than with employees. LBK uses what type of organizational control?

Identify and briefly describe the four steps of the feedback control model.

Which of the following includes anticipated and actual expenses for a responsibility center?

Companies today are increasingly shifting from a hierarchical control process to one that is more decentralized.

A(n) _____ ratio indicates an organization's ability to meet its current debt obligations.

Ron meets with his company's accountant to discuss the budget of anticipated and actual expenses for each segment of the organization. This involves review of which type of budget?

Discuss the evolution of the balanced scorecard from a system that places equal emphasis on performance management categories to one that emphasizes cause and effect.

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?

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

In a TQM program, what is benchmarking?

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

The use of cultural values, traditions, shared beliefs and trust to increase compliance with goals refers to decentralized control.

Stella, a systems manager for a large technology company, would like to get an understanding of her company's financial position with respect to assets and liabilities at the end of the fiscal year. Which financial statement should she refer to?

An advantage of the bottom-up budgeting process is:

Which of the following refers to the system of governing an organization so that the interests of corporate owners are protected?

The capital budget lists planned investments in major assets such as buildings, heavy machinery, or complex information technology systems.

Which of the following is the systematic process through which managers regulate organizational activities?

The systematic process through which managers regulate organizational activities is known as _____.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managing Small Business Start Ups

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Filters