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Match the Following Terms to the Appropriate Definitions

Question 245

Matching

Match the following terms to the appropriate definitions.

Premises:

Responses:

Prime costs

An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

Continuous improvement

Goods a company acquires to use in making products.

Raw materials inventory

Reveals how many times a company uses its raw materials inventory in production during a period.

Balanced scorecard

A system that acquires inventory and produces only when needed.

Just-in-time manufacturing

Aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along the four dimensions of 1) financial, 2) customer, 3) internal business processes; 4) learning and growth.

Work in Process inventory

Expenditures directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Lean business model

The idea that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Customer orientation

Products in the process of being manufactured but not yet complete.

Managerial accounting

A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

Raw materials inventory turnover

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Premises:

Prime costs

Continuous improvement

Raw materials inventory

Balanced scorecard

Just-in-time manufacturing

Work in Process inventory

Lean business model

Customer orientation

Managerial accounting

Raw materials inventory turnover

Responses:

An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

Goods a company acquires to use in making products.

Reveals how many times a company uses its raw materials inventory in production during a period.

A system that acquires inventory and produces only when needed.

Expenditures directly associated with the manufacture of finished goods; includes direct materials and direct labor.

The idea that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Products in the process of being manufactured but not yet complete.

A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Correct Answer:

Premises:

Responses:

Prime costs

Continuous improvement

Raw materials inventory

Balanced scorecard

Just-in-time manufacturing

Work in Process inventory

Lean business model

Customer orientation

Managerial accounting

Raw materials inventory turnover