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Exam 14: Managerial Control

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Question 51

Multiple Choice

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Empowerment is important in organizations today because

A) management has changed.
B) employees' jobs have become less challenging.
C) employees are more concerned about pay.
D) labor unions are growing.
E) the role of technology has increased.

F) C) and E)
G) A) and C)

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Question 52

Multiple Choice

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Assessing the planning, organizing, leading, and controlling efforts of one's own organization is the essential function of

A) strategic audit.
B) feedforward control.
C) feedback control.
D) external audit.
E) internal audit.

F) C) and D)
G) B) and D)

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Question 53

Multiple Choice

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________ motivates people and provides information that enables them to correct their own deviations from performance standards.

What are the reasons people strongly resist control systems?

What are some of the signs that a company lacks controls?

"All right, we have budget inputs from all six divisions. I have consolidated all of these inputs into a draft spreadsheet, and I have added other corporate budgets into the spreadsheet" said Jeannine Starks, CFO of LemonTree Products, to her fellow executives. "We need to review this 'budget of budgets' and get back to the division manager with our comments. After they incorporate our comments and submit their revised budget inputs, I will consolidate the division budgets and all other budgets into a ________ budget."

When a control system prompts employees to do only tasks required in their formal job descriptions, it causes

________ detect and correct significant variations, or discrepancies, in the results of plans and activities.

Select the true statement regarding managing in an empowered world.

Describe the three sources from which performance data are commonly obtained.

To be effective, control systems must

What are the four major steps of the control process?

The ________ is an itemized financial statement of the income and expenses of a company's operations.

Greta is the financial manager at 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. Greta makes this budget after all other budget estimates have been completed. Greta is working on a ________ budget.

"Listen up," said, Dave Thoreson, dive team leader, as his team finished suiting up. "This is a hazardous dive. We've been properly trained and properly equipped with the necessary gear and tools to rescue the trapped cavers. Stay in physical contact with the divers in front of and behind you. After we complete the rescue, meet me to debrief what we did well and what we can improve." In this case, the proper training and equipment is an example of ________ control.

"Many of you management trainees do not have formal educations or degrees in accounting or finance. And that is OK," said the corporate trainer. "That's why this training module will cover control by ________, which is most commonly used for the entire enterprise and, in the case of a diversified corporation such as ours, its divisions."

"In implementing the control process for our new operation, I first established performance standards," said Kelly. "Next, I measured performance. But I'm not sure that my measurement of performance is accurate." His boss replied, "In measuring performance, you can gather performance data from three sources: ________. Furthermore, the data need to be timely."

Select a reason why employees resist control systems.

The ________ ratio indicates the company's ability to meet its long-term financial obligations.

________ involves creating relationships built on mutual respect and encouraging each individual to take responsibility for his or her actions.