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Exam 14: Managerial Control

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Question 41

Multiple Choice

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

A) Liabilities
B) Assets
C) Profits
D) Audits
E) Equities

F) B) and E)
G) D) and E)

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Question 42

Multiple Choice

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Jon asked for a budget that would include forecasts by month. Which type of budget did he want to see?

A) sales
B) production
C) cost
D) cash
E) profit-loss

F) A) and C)
G) B) and C)

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Question 43

Multiple Choice

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Required information for preparing a _____ budget includes types and capabilities of machines and availability of materials.

Describe the criteria that effective control systems should meet.

_____ are intended to keep CEOs focused on the company's longer-term health.

A _______ is a liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities.

The _____ costing method allocates costs across business processes, and provides a more accurate picture of how costs should be charged to products and services.

An effective approach for checking an enterprise's overall performance is to use

Which approach to bureaucratic control is exemplified by the second option?

Matilda, an employee, received an e-mail from an angry client about a certain product. Although it was not Matilda'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. In this case, which of the following is true of Matilda's company?

A company is said to lack control when there is an) _____, that is the firm's expectations are not established.

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

_____ control focuses on the use of information about results to correct deviations from the acceptable standard after they arise.

Briefly describe market controls at the corporate level.

In _____, instead of waiting for results and comparing them with goals, a manager or employees can exert control by limiting activities in advance.

Even after individuals gain employment, _____ are important as controls in that people with higher economic values may be promoted faster to higher positions in the organization.

The _____ of establishing performance targets and standards is that they may not be supported by other elements of the control system.

Ingrid is the financial manager at Glynne Inc., a candy manufacturer. One of her duties is to make a budget that shows the forecasted receipts and expenditures of the company, the amount of working capital available, and the degree to which it should obtain funds from outside of the firm. Ingrid makes this budget after all other budget estimates have been completed. Which of the following types of budget is Ingrid currently working on?

_______ is 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.

Which approach to bureaucratic control is exemplified by the third option?