Question 1

Match each term with the correct statement below.
-Troublesome areas are targeted.
A) Law of requisite variety
B) Ability to anticipate problems
C) Sensitivity of the measuring device
D) Variance reporting
E) Management by exception

Accepted Answer

Management by exception focuses on identifying and addressing troublesome areas by highlighting deviations from the norm, allowing managers to concentrate on significant issues.

Question 2

Match each term with the correct statement below.
-Instrument comparing aircraft altitude to FAA clearance standards.
A) Law of requisite variety
B) Ability to anticipate problems
C) Sensitivity of the measuring device
D) Variance reporting
E) Management by exception

Accepted Answer

The answer of Match each term with the correct statement...

Question 3

Match each term with the correct statement below.
-reliance upon social values, traditions, shared beliefs, flexible authority, and trust to assess performance and correct unacceptable deviations
A) feedforward control
B) concurrent control
C) feedback control
D) bureaucratic control
E) organic control

Accepted Answer

Organic control relies on social values, traditions, shared beliefs, flexible authority, and trust to assess performance and correct unacceptable deviations, fitting the description provided.

Question 4

Match each term with the correct statement below.
-focuses on detecting undesirable material, financial, or human resources that serve as inputs to the transformation process
A) feedforward control
B) concurrent control
C) feedback control
D) bureaucratic control
E) organic control

Accepted Answer

Feedforward control is a management technique that focuses on identifying and preventing potential problems before they occur, by monitoring inputs to the transformation process such as material, financial, or human resources. This approach aims to ensure that inputs meet the necessary quality standards before they are used in the production process, thereby preventing defects or issues in the final output.

Question 5

Match each term with the correct statement below.
-use of formal mechanisms to influence behavior, assess performance, and correct unacceptable deviations from standards
A) feedforward control
B) concurrent control
C) feedback control
D) bureaucratic control
E) organic control

Accepted Answer

Bureaucratic control involves the use of formal mechanisms, such as rules, procedures, and supervision, to influence behavior, assess performance, and correct deviations from standards.

Question 6

Match each term with the correct statement below.
-focuses on the transformation process to ensure that it is functioning properly
A) feedforward control
B) concurrent control
C) feedback control
D) bureaucratic control
E) organic control

Accepted Answer

Concurrent control focuses on the transformation process as it happens, ensuring that it is functioning properly by monitoring ongoing activities to make adjustments in real time.

Question 7

Match each term with the correct statement below.
-focuses on discovering undesirable output and implementing corrective action
A) feedforward control
B) concurrent control
C) feedback control
D) bureaucratic control
E) organic control

Accepted Answer

Feedback control is the process of monitoring outputs to discover any deviations from the planned output and implementing corrective actions to address those deviations.

Question 8

Match each term with the correct statement below.
-summary of an organization's financial performance over a given time interval, showing revenues, expenses, and bottom-line profit or loss
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

The income statement summarizes an organization's financial performance over a specific period, detailing revenues, expenses, and the net profit or loss, making it the correct match for the given statement.

Question 9

Match each term with the correct statement below.
-debts that must be paid in the near future
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Current liabilities are debts that a company owes and must pay within a short period, typically within a year, which matches the description of debts that must be paid in the near future.

Question 10

Match each term with the correct statement below.
-indicators of the firm's ability to meet its short-term debts and obligations
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Liquidity ratios are specifically designed to assess a firm's ability to meet its short-term debts and obligations, indicating how easily assets can be converted into cash to pay off these liabilities.

Question 11

Match each term with the correct statement below.
-assets that are long-term in nature and cannot be converted quickly into cash
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Fixed assets are long-term in nature and are not easily converted into cash, as they include items like buildings, machinery, and equipment.

Question 12

Match each term with the correct statement below.
-indicators of the firm's ability to handle long-term debt
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Debt ratios are financial metrics that assess a company's ability to handle its long-term debt obligations. These ratios, such as the debt-to-equity ratio and the debt-to-asset ratio, provide insights into the firm's financial leverage and its capacity to meet its long-term financial commitments.

Question 13

Match each term with the correct statement below.
-debts payable over a long time span
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Long-term liabilities are debts or obligations that are due over a period longer than one year, fitting the description of debts payable over a long time span.

Question 14

Match each term with the correct statement below.
-the difference between the assets and liabilities
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Owners equity is defined as the difference between the assets and liabilities of a business, representing the owners' residual interest in the company's assets after deducting liabilities.

Question 15

Match each term with the correct statement below.
-summary of an organization's financial position at a given point in time, showing assets, liabilities, and owner's equity
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

The balance sheet is a financial statement that summarizes an organization's financial position at a specific point in time, detailing its assets, liabilities, and owner's equity.

Question 16

Match each term with the correct statement below.
-items that can be converted into cash in a short time period
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Current assets are items that a company owns that can be converted into cash within a short period, typically one year, such as cash, inventory, and accounts receivable.

Question 17

Match each term with the correct statement below.
-the firm's debts and obligations
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Liabilities refer to the firm's debts and obligations, which are recorded on the balance sheet and can be categorized as either current liabilities or long-term liabilities.

Question 18

Match each term with the correct statement below.
-indicators of the relative effectiveness, or profitability, of the organization
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Profitability ratios are financial metrics used to assess a business's ability to generate profit relative to its revenue, operating costs, balance sheet assets, and shareholders' equity during a specific period. These ratios provide insights into the financial health and efficiency of a company, making them indicators of its relative effectiveness or profitability.

Question 19

Match each term with the correct statement below.
-the things of value that an individual or organization owns
A) balance sheet
B) assets
C) current assets
D) fixed assets
E) liabilities
F) current liabilities
G) long-term liabilities
H) owners equity
I) income statement
J) liquidity ratios
K) profitability ratios
L) debt ratios

Accepted Answer

Assets are the things of value that an individual or organization owns, encompassing both current and fixed assets.

Question 20

If an organization has a good plan and good leadership to carry out the plan, why is control necessary? Are there risks involved with de-emphasizing or eliminating organizational control?

Accepted Answer

The answer of If an organization has a good plan...

Quiz 15: Organizational Control in a Complex Business Environment

Match each term with the correct statement below. -Troublesome areas are targeted.

Match each term with the correct statement below. -Instrument comparing aircraft altitude to FAA clearance standards.

Match each term with the correct statement below. -reliance upon social values, traditions, shared beliefs, flexible authority, and trust to assess performance and correct unacceptable deviations

Match each term with the correct statement below. -focuses on detecting undesirable material, financial, or human resources that serve as inputs to the transformation process

Match each term with the correct statement below. -use of formal mechanisms to influence behavior, assess performance, and correct unacceptable deviations from standards

Match each term with the correct statement below. -focuses on the transformation process to ensure that it is functioning properly

Match each term with the correct statement below. -focuses on discovering undesirable output and implementing corrective action

Match each term with the correct statement below. -summary of an organization's financial performance over a given time interval, showing revenues, expenses, and bottom-line profit or loss

Match each term with the correct statement below. -debts that must be paid in the near future

Match each term with the correct statement below. -indicators of the firm's ability to meet its short-term debts and obligations

Match each term with the correct statement below. -assets that are long-term in nature and cannot be converted quickly into cash

Match each term with the correct statement below. -indicators of the firm's ability to handle long-term debt

Match each term with the correct statement below. -debts payable over a long time span

Match each term with the correct statement below. -the difference between the assets and liabilities

Match each term with the correct statement below. -summary of an organization's financial position at a given point in time, showing assets, liabilities, and owner's equity

Match each term with the correct statement below. -items that can be converted into cash in a short time period

Match each term with the correct statement below. -the firm's debts and obligations

Match each term with the correct statement below. -indicators of the relative effectiveness, or profitability, of the organization

Match each term with the correct statement below. -the things of value that an individual or organization owns

If an organization has a good plan and good leadership to carry out the plan, why is control necessary? Are there risks involved with de-emphasizing or eliminating organizational control?