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Exam 19: Managing Quality and Performance

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Question 31

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Sharing financial information and results with all employees in the organization is called _____ management.

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Question 32

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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. -Which of these budgets will provide Katrina information about planned investments in major assets like buildings and heavy machinery?

A) Cash budget
B) Revenue budget
C) Capital budget
D) Expense Budget
E) Balance-Sheet budget

F) B) and D)
G) A) and D)

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Question 33

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Open-book management ties employee rewards to the company's overall success.

Identify and briefly describe each of the common financial ratios addressed in your text.

The income statement shows revenues coming into the organization from all sources and subtracts all expenses.

Which of the following is a ratio that measures the firm's internal performance with respect to key activities defined by management?

_____ refer(s) to the difference between assets and liabilities and is the company's net worth in stock and retained earnings.

Zachary, a manager at ExecuComp, receives quarterly reports, which track his department's production statistics. However, these reports lack key information regarding reject rates. Which of the following components of the control model need improvement?

_____ refers to the system of governing an organization so that the interests of corporate owners are protected.

The firm's financial position with respect to assets and liabilities at a specific point in time is shown by its:

An activity ratio that measures how many times the inventory is turned over to meet the total sales figure is called the inventory turnover.

An organization wide commitment to infusing quality into every activity through continuous improvement is called _____.

Silver n' Gold Inc. recently introduced a new control philosophy where all employees have access to the same information that owners have, such as what money is coming in and where it is going. This is an example of which control philosophy?

Benchmarking is the age-old practice of allowing the artisan to sign his name to the finished product.

A(n) _____ includes anticipated and actual expenses for each responsibility center and for the total organization.

Which of the following allows employees to see for themselves the financial condition of the company?

The control "system" at FreshFood Corporation is based on the culture of the organization and norms that develop in the individual work teams. This is an example of:

The _____ plans future investments in major assets to be depreciated over several years.

The goal of _____ is to get every employee thinking and acting like a business owner.

Decentralized control is usually implemented in all of the following areas EXCEPT: