WorksheetsS1-IB-5
Total questions: 82
Worksheet time: 41mins
_______ provide managers with information about how well the organizational strategy and structure are working.
Reward policies
Rules and guidelines
Control systems
Programmed decisions
Which type of control is used by employees to constantly monitor the quality of the goods or services they provide at every step of the production process and inform managers as soon as they discover problems?
feedback control
feedforward control
concurrent control
output control
When the new game controller came out, customers soon went on the website to complain that it was difficult to operate because the buttons were too small. The engineers received this information and quickly released a new model with larger buttons. What type of control aided this decision?
output control
concurrent control
clan control
feedback control
What happens in step 1 of the control process?
Customers provide information about their reactions to goods and services so corrective action can be taken if necessary.
Managers are given immediate feedback on how efficiently inputs are being transformed into outputs.
Managers decide on the standards of performance, goals, or targets that they will use in the future for performance evaluation.
Managers evaluate whether—and to what extent—performance deviates from the standards of performance.
When measuring actual performance,
output and behavior are always easy to measure at the same time.
behavior and output are harder to measure in nonroutine or complex organizational activities.
in nonroutine activities, it is easier to measure behavior than output.
behaviors are easier to measure than outputs because they're more tangible and objective.
_______ control takes advantage of the power of organizational culture to serve a dual function of keeping organization members goal-directed while open to new opportunities.
Feedforward
Clan
Concurrent
Feedback
Which organizational control system uses shared values, norms, and socialization as measures of control?
output control
behavior control
feedback control
clan control
Control helps managers build competitive advantage.
True
False
A control system must to be flexible in order to be effective.
True
False
Behaviors are generally easier to measure than outputs because they are more tangible and objective.
True
False
Leverage ratios measure organizational performance based on how well managers borrow money or use equity to finance operations.
True
False
_______ systems are the formal monitoring, evaluation, and feedback systems that allow managers to determine if the organization's strategy and structure are working according to plan.
Cultural
Routine
Control
Organizing
In order to anticipate problems before they arise, managers should develop a system for _______ control.
feedforward
concurrent
behavior
clan
A manufacturing company that produces bolts and washers decides to use a new steel supplier. The manufacturing company wants to ensure that the materials from the supplier are delivered on time and within the specifications needed to meet the manufacturing company's product goals. What form of control system could the manufacturing company implement to ensure its needs are met?
concurrent
feedforward
output
clan
During the conversion stage, managers use _______ control to recognize when problems are arising.
feedforward
concurrent
input
clan
An online clothing retailer discovered that the majority of the returns it received were the result of incorrect sizing. The retailer then worked with the clothing manufacturing company to improve the accuracy of its sizing patterns. This demonstrates the use of _______ control.
feedforward
concurrent
feedback
input
A customer service team identifies a goal of three business days for addressing all customer concerns. In the context of a control process, this goal is
measuring actual performance.
comparing actual performance against chosen standards.
implementing a feedback measure.
establishing a standard of performance.
School attendance records in the context of a control process are an example of
evaluating performance.
initiating corrective action.
measuring actual performance.
comparing results.
In the final step in the control process, managers
measure output.
evaluate behavior.
make changes if needed.
compare performance against the standards.
Which function of management involves monitoring the organization in order to determine if the organization is operating efficiently and effectively?
planning
organizing
structuring
controlling
The budgeting "process" includes all of the following except:
Planning
Setting
Delegating
Monitoring
Controlling
When the responsibility for budgetary control is given to less senior management
Delegated Budget
Budget Process
Incremental Budgting
Budgetary control
Type of budget in which the previous year's budget is is used as a baseline for a general increase or decrease in the budget for the coming year.
Zero Based Budget
Incremental Budget
Standard Budget
Strategic Budget
The type of budget in which budget holders are forced to provide reasons for why they should receive budgetary funds each year
Zero-based Budget
Incremental Budget
Delegated Budget
Strategic Budget
A section of business (that may or may not exist physically) for which specific costs can be identified and attributed.
Profit Center
Cost Center
Budget Holder
Strategic business division
Strategic Planning is best defined as
Analyzing past and future financial data to increase competitiveness
Any method or course of action used to achieve the firm's objectives
The process of considering or discussing how the firm might best go about achieving its objectives in the future.
Controlling and monitoring the current budget to ensure the variance is not adverse
Which of the following is not a limitation of a budget?
Focused on the short term
Like other predictions, they may not be 100% accurate
May lack Flexibility
Can be time consuming to make
Requires a wide range of available financing to ensure accuracy
The definition of financial control system is:
The processes, methods and tools that allow a business to accurately monitor and manage its financial performance.
The procedures and devices that allow a business to accurately monitor and manage its financial performance.
None of the above
Which of the following would be considered an advantage of external audits as compared to internal audits?
External audits are often done by experienced auditors who can more easily identify weaknesses.
External audits are cheaper.
External audits are less formal and can be more effective as the auditors are familiar with the staff that they are auditing.
All of the above
Which of the following best describes financial control systems?
The strategies used by a business to obtain control over a market
The system by which a business processes and keeps cash
The processes that allow a business to accurately monitor, manage and report its financial performance
The software used to prepare financial invoices
Which of the following is NOT a strategy for managing cash flow?
Keeping track of money that is owed to the business and chasing up outstanding debts
Hiring accounts receivable staff to ensure that customers are paying the full amount on time
Ensuring that the business has more long-term assets such as land and buildings
Arranging readily available short-term loans and a bank overdraft
Auditing: (Select all options that apply)
is the process of testing and evaluating a business’s accounting processes and internal controls.
can be done internally, whereby employees of the business perform the audit
can be done externally, whereby another business performs the audit.
can be contracted to experienced external auditors who can provide the business with valuable feedback, it is often a costly exercise that many small businesses avoid.
It is important for a business to manage its cash flow because: (select all options that apply)
crucial to the survival of the business
Regardless of whether the business is earning a profit on paper, if it does not have the cash needed to pay its day-to-day outgoings it will find itself in a great deal of trouble
Creditors may stop providing the business with essential goods and services and could even take legal action if the business does not pay them on time.
Cash flow can be improved by:
Keeping track of money that is owed to the business and chasing up outstanding debts
Hiring accounts receivable staff to ensure that customers are paying the full amount on time
Offering discounts to customers who pay cash or make payments early
All of the above
When products are checked at each stage of production, what is this an example of?
Quality Control
Quality Circles
Quality Assurance
The QC circle was formally organized in
Japan
China
India
USA
Why is quality important?
For a business to remain competitive and retain customers
Quality builds loyalty and brand image
Quality generates goodwill and word of mouth
All the above
Kaizen is what?
Asking staff how to continually improve production
Checking the product as much as possible at every stage of manufacturing
Coming up with new products and ideas
Increasing the price to achieve a better profit margin
Shows business has a good quality assurance system
ISO 9000 is basic quality systems
ISO 9001 covers quality assurance
This is the level of stocks that will trigger a new order to be sent to a supplier
buffer stock
re-order inventory level
re-order quantity
maximum inventory level
'Lead time' means:
time taken to deliver goods from the firm to consumers
time between ordering inventories and their delivery
time taken to produce goods after raw materials arrive
time taken for inventories to fall from maximum to re-order level
Inventory control charts include everything except:
buffer inventory
profit
re-order level
lead time
Facilities Strategy...
is the selection and definition of an organisation's products.
is the determination of the location and layout of process plant and equipment.
is the determination of the methods or techniques which an organisation will use to transform raw inputs into saleable.
is the determination of the overall quality objectives of an organisation and the methods by which these objectives will be attained.
is the human input for without a highly motivated staff the organisation will fail.
Inventory Control is a set of procedures, both physical and accounting in nature, designed to co-ordinate the receiving, storing, issuing and distribution of inventories, to achieve maximum efficiency
True
False
What is inventory?
raw materials, finished products that are held at location in the supply chain.
raw materials, component parts, work-in-process, or finished products that are held at a location in the supply chain.
raw material, components parts or finished products that are held at a location in the supply chain.
Types of inventory
Raw Material
Work in Process
Finished Products
Good in-transit
All of the above
What is the main objective of inventory control
(a)
A ___________ is an assembly of things, people, and processes that work together to form a unified whole.
Information
Server
System
Classroom
What is hardware?
machinery used to create content and to manage and communicate information.
programs that are machine-readable.
collection of information
anyone who uses or maintains the system
What is software?
machinery used to create content
collection of information that can be organized
programs that are machine-readable instructions
anyone who uses or maintains the system
A company’s strategic plan:
links the company’s financial targets to control mechanisms.
maps out the company’s history.
outlines the competitive moves and approaches to be used in achieving the desired business results
All the above
The most widely used tool for diagnosing the principle competitive pressures in a market is the:
SWOT.
Competitor Profiling
Market analysis.
Five Forces Model
Ikea is an example of
A differentiated strategy
A low cost strategy
a market segment focused differentiated strategy
a market-segment cost-focused strategy
Strategic planning is....
Long term planning
Short term planning
General planning
Seasonal planning
Which is the FIRST step in the strategic Management process?
Monitoring and evaluating strategies
Developing the vision and mission
Strategy formulation
Goals and Objectives
At which level of the strategy will the Marketing manager get involved?
Corporate Strategy
Business Strategy
Functional Strategy
Operational strategy
Select the correct order of the strategic management process.
Strategic formulation, Strategic Evaluation, Strategic Implementation
Strategic formulation,Strategic Implementation,Strategic Evaluation
Strategic Evaluation,Strategic formulation,Strategic Implementation,
The strategic management process can be broadly divided into _________________ phases
Five
Three
Four
Select the correct order of the strategic management process.
Strategic formulation, Strategic Evaluation, Strategic Implementation
Strategic formulation,Strategic Implementation,Strategic Evaluation
Strategic Evaluation,Strategic formulation,Strategic Implementation,
________________________ is also called as ‘strategic planning’.
strategy formulation
Strategy implementation
Strategy Evaluation
______________ is a process that puts plans and strategies into action to reach desired goals.
Strategic Formulation
Strategic Evaluation
Strategic implementation
_______________________ means collecting information about how well the strategic plan is progressing
Strategic Planning
Strategy evaluation
Strategic Implementation
______________________ is the first step of strategic planning.
Analyze internal environment
Framing mission Statement
Analyze external environment
Analysis and choice of strategy is a part of _____________ step of strategic management process.
Strategic Formulation
Strategic Evaluation
Strategic Implementation
Identify the correct order of process of strategic evaluation.
Setting of standards, measurement of performance, Comparison of actual performance with standard, Finding out deviations.
Measurement of performance, Comparison of actual performance with standard, Finding out deviations,Setting of standard
Measurement of performance,Finding out deviations,Setting of standard, Comparison of actual performance with standard
One of the most famous effect of ICT for business is/are
Improving the real world and services
Providing and enabling increased customization of services
Enabling global opportunity in project management
Providing a new opportunity for all
Compensation analysis is an example of:
Human resources information systems.
Enterprise application information systems
Finance and accounting information systems.
Sales and marketing information systems.
TPSs are the basic business systems that serve which level of the organization?
Senior management.
Knowledge management.
Operational.
Middle management.
A computerized system that performs and records the daily dealings necessary to conduct business is classified as a(n):
Executive support system.
Transaction-level system.
Management-level system.
Operational-level system
A relocation control system that reports summaries on the total moving, house-hunting, and home financing costs for employees in all company divisions would fall into the category of:
Operational-level systems
Management-level systems.
Executive-support systems.
Knowledge management systems
The term “management information systems” designates a specific category of information systems serving:
Middle management functions
Integrated data processing throughout the firm.
Transaction process reporting.
Employees with online access to historical records.
The principal purpose of __________________ is to answer routine questions and to track the flow of transactions through the organization.
Senior management-level systems.
Knowledge management systems.
Operational-level systems.
Management-level systems.
