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Concepts
Mastery
Score: 17/17
Questions
Control Process
100%
Feedforward/Concurre
nt/Feedback Controls
100%
Financial Controls
100%
Balanced Scorecard
100%
10
11
12
Benchmarking
100%
14
15
16
17
13
Mastery
Control Process
100%
Questions
1
17
Correct!
The correct answer is: B. Because all managers have
employees, control criteria such as employee satisfaction,
turnover, or absenteeism can be used in most situations.
3.In reviewing the result of the control process, managers could
choose to avoid taking action when ________.
A. an employee fails to attain the standard
because of internal problems
B. the variance between actual performance
and the standard is acceptable
C. performance standards are acceptable,
though the employees have not attained it
D. the variance observed from the expected
performance is caused due to unrealistic
standards
Correct!
The correct answer is: B. Even if a variance between actual
performance and the standard exists, if it is acceptable given
the range of variation, a manager can avoid taking action.
Correct!
The correct answer is: C. Basic corrective action allows a
manager to find the source of a deviation. When using this
type of corrective action, a manager allows a deviation to
occur, and then investigates the how and why of the
deviation. While this generally takes longer, it can be more
effective in the long run.
Mastery
Feedforward/Concu
rrent/Feedback
Controls
100%
Questions
4
Correct!
The correct answer is: A. The key to feedforward controls is
taking action before a problem occurs; therefore, problems
can be prevented, and managers can be proactive in
handling issues.
5.Management by walking around is what type of control?
A. Feedforward control
B. Concurrent control
C. Feedback control
D. Reactive control
Correct!
The correct answer is: B. Management by walking around is
Correct!
The correct answer is: C. While there are disadvantages to
using feedback controls, the fact that the work has already
occurred can give managers and employees valuable
insights into their performance. Receiving this information
can enhance motivation and increase future job performance.
Mastery
Financial Controls
100%
Questions
7
7.The current ratio and acid test are two examples of what type of
ratio?
A. Activity
B. Liquidity
C. Leverage
D. Profitability
Correct!
The correct answer is: B. Liquidity ratios express an
organizations level of ability to repay creditors who may have
a claim on the company. The higher the liquidity ratio, the
more an organization can meet its current debts.
8.Which of the following ratios measures an organizations ability to
meet financial obligations (debt) and allow someone to understand
the companys use of different methods of financing to pay interest?
A. Liquidity ratios
B. Leverage ratios
C. Profitability
D. Activity ratios
Correct!
The correct answer is: B. Leverage ratios examine the
organizations use of debt to finance its assets and its ability
to meet the interest payments. Common leverage ratios
include debt to assets and times interest earned.
9.If a firm wants to measure items related to sales and turnover, it
should use what type of ratio?
A. Liquidity
B. Leverage
C. Profitability
D. Activity
Correct!
The correct answer is: D. Activity ratios measure an
organizations ability to take different accounts on the firms
balance sheet and convert these accounts into cash or sales.
Ratios such as inventory turnover and total asset turnover
are common measures of activity ratios.
Mastery
Balanced Scorecard
100%
Questions
10
11
12
13
Correct!
The correct answer is: C. A balanced scorecard evaluates
organizational performance using four different areas that
contribute to a companys performance: financial, customer,
internal processes, and people/innovation/growth assets.
This tool measures the difference between predetermined
standards and actual performance, and it allows managers to
complete gap analysis to refine the organizations
performance.
Correct!
The correct answer is: D. In this example, Suzys Packing
Supplies prides itself on keeping its employees happy.
Therefore, the organization would probably first focus on
people/innovation/growth strategies to ensure the
organization is keeping its employees happy. Although an
organization may focus on one area more than another, all
areas of the scorecard should be considered when
performing gap analysis.
12.Which of the following options listed would be an example of a
measurement in the internal processes area of a balanced
scorecard?
A. Employee satisfaction
B. Customer satisfaction
C. Quarterly profits
D. Duplicate activities across functions
Correct!
The correct answer is: D. Duplicate activities across functions
are a measure of the duplication inherent in a specific part of
a firms processes. Because this would occur inside an
organization, it would be a measure of internal processes.
13.Which of the four areas of a balanced scorecard can help a firm
best answer the question, how do we look to shareholders?
A. Customer
B. Internal processes
C. People/innovation/growth assets
D. Financial
Correct!
The correct answer is: D. In for-profit firms, shareholders are
mainly concerned with whether an organization generates a
profit. Therefore, the question how do we look to
shareholders can be best answered by the measures in the
balanced scorecards financial section.
Concept: Benchmarking
Concepts
Mastery
Benchmarking
Questions
100%
14
15
16
Correct!
The correct answer is: D. Benchmarking is the search for the
best practices among competitors or noncompetitors that
lead to superior performance. Organizations use
benchmarking to see how they compare with the best firms in
the world, and to see how one firm can improve after learning
from others.
15.Firms can benchmark their performance against competitors, but
they can also benchmark against themselves. This is known as
_____.
A. self-analysis
B. planning
C. intra-organizational benchmarking
D. internal benchmarking
Correct!
The correct answer is: D. Internal benchmarking involves an
organization benchmarking its practices against itself; for
example, this could include benchmarking processes in one
department against the processes in another. Internal
benchmarking allows best practices in the firm to not go
ignored or unidentified.
16.Amys Waffle Hut is not performing well in inventory turnover
(products are sitting unused for too long, and some are spoiling). To
correct this, Amy walks across the street to speak to Sue, owner of
Sues Cinnamon Rolls, to see how she handles her inventory. Amy
is engaged in what process?
A. Competitor sabotage
B. Networking
C. Competitor analysis
D. Benchmarking
Correct!
The correct answer is: D. In this case, Amy is using
benchmarking. By seeing how Sue manages her inventory,
Amy can compare Sues processes against her own. If Sues
processes are better than Amys, Amy can adapt her
processes to become more efficient, and ultimately, more
successful.