MGMT 351 Test 8 | Questions and Answers Organizational control is defined as ______. monitoring performance to compare actual results with desired targets and making any necessary improvements Management by objectives is defined as a ______. management model to improve performance by setting cle...
Organizational control is defined as ______.
monitoring performance to compare actual results with desired targets and making any
necessary improvements
Management by objectives is defined as a ______.
management model to improve performance by setting clearly defined objectives to
which management and employees agree
Which of the following are the criteria needed for goals to be effective?
Specific, measurable, time bound, challenging but realistic, written and communicated,
understandable and acceptable
The gap between actual results and a performance target is known as ______.
performance variance
The expense budget is defined as a ______.
detailed summary of anticipated costs for an upcoming time period, such as one year
A revenue budget is defined as a summary of ______ for an upcoming time period,
such as one year.
anticipated sales
A cash budget is defined as a summary of ______ for an upcoming time period, such as
one year.
cash needs
Select all of the criteria necessary for goals to be effective.
Written and communicated
Understandable and acceptable
Specific
Time bound
Measurable
Challenging but realistic
A summary of major investments by an organization (such as outlays for plants,
buildings, and equipment needed) for an upcoming time period, such as one year, is a
(n) ______ budget.
, Capital
A (n) ______ budget summarizes substantial outlays, while a (n) ______ budget
summarizes anticipated costs.
capital, expense
Departments or units to which costs are charged for accounting purposes are called
______.
cost centers
Balance sheets and income statements both provide ______.
firm-level summaries
______ controls allow accounting and finance experts to ensure departments can
perform well.
Budgetary
Both corporate governance controls, and legal and compliance controls, deal with
issues related to the firm's ______.
ethical responsibilities
______ controls relate to things like personality and drug testing for incoming
employees.
human resource
Activity ratios are financial ratios that assess whether ______.
assets are being used efficiently
Balance sheets summarize ______, while income statements summarize ______.
assets, liabilities, and owners' equity; financial performance
Liquidity ratios are financial ratios that assess whether ______.
the organization can meet short-term obligations to creditors
Which of the following statements best describes financial controls?
Using balance sheets and income statements to assess organizational health and past
performance
Financial ratios that assess whether the firm is generating adequate financial returns
are called ______ ratios.
Profitability
Policies describing disciplinary procedures for employees who engage in bullying would
be considered ______ controls.
human resource
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