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 Budgeting involves allocating financial resources and measuring expected quantitative and qualitative outcomes of a firm.

A) True
B) False

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 Rowling Company is monitoring the amount customers spend on its products relative to all other products. Rowling is focused on which of the various customer metrics?  


A) Market share
B) Customer retention
C) Customer profitability
D) Account share

E) C) and D)
F) B) and D)

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 Downing Company is studying the costs required to attract new customers compared to the lifetime profitability of certain types of customers before it decides which new customers to target. Downing is focused on which of the various customer metrics? 


A) Customer retention
B) New customer acquisition
C) Customer profitability
D) Market share

E) A) and D)
F) A) and C)

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 The _____ was created to help businesses translate strategy into action by identifying the most critical measures to drive business success and linking long-term strategic goals with short-term operational actions.


A) ISO 9000 program
B) strategic review process
C) balanced  scorecard
D) value chain analysis

E) A) and D)
F) A) and C)

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 Because GE operates in many businesses, ranging from aircraft engines to healthcare imaging, GE would


A) not be able to use the balanced scorecard.
B) have to adopt a common strategy for all businesses to be able to use the balanced scorecard.
C) need to create a unique balanced scorecard for each of its business units.
D) have to choose one business unit with which it could use the balanced scorecard.

E) All of the above
F) C) and D)

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 Which of the following is the first step involved in benchmarking?


A) Harvesting and analyzing data
B) Finding the best companies for each process
C) Identifying the processes to benchmark
D) Creating plans for improvement

E) B) and D)
F) C) and D)

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 Describe the two primary areas in which leaders take corrective action.

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Leaders generally take corrective action...

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 For the balanced scorecard to be valuable, measurements from the customer perspective must link directly to financial results or strategic goals.

A) True
B) False

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 The _____ perspective identifies the infrastructure and skills needed to carry out business processes, interact with customers, and achieve long-term financial growth.


A) customer
B) learning and growth
C) financial
D) business process

E) None of the above
F) All of the above

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 Cardinal Company is using cost of goods sold as a measurement of performance, which will be placed under which perspective of the balanced scorecard?


A) Financial perspective
B) Customer perspective
C) Business process perspective
D) Learning and growth perspective

E) A) and C)
F) C) and D)

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 When Dharmesh Shah, the chief technology officer (CTO) of HubSpot.com, traded jobs with Paul English, the CTO of Kayak.com, he was


A) implementing the internal business perspective of the balanced scorecard.
B) using job swap as a means of benchmarking.
C) using job swap as a means of budgeting.
D) using job swap as a means of implementing Six Sigma. 

E) C) and D)
F) B) and D)

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 Which of the following statements is true about the various customer metrics?


A) The new customer metric is measured by the total number of positive feedbacks received from new and existing customers.
B) Some companies find it valuable to monitor the amount customers spend on their products relative to all other products.
C) Retaining existing customers to maintain or increase market share is not an easy task.
D) Customer satisfaction is one of the metrics that is the most objective and quantitative.

E) A) and D)
F) A) and B)

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 Explain the four key activities of the control cycle.

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The control cycle includes four key acti...

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 DePaul Company has been monitoring the performance of its processes against selected measures. What is DePaul's next step in the control cycle?


A) Identify measures that track the right information to assess performance.
B) Set targets for the selected measures.
C) Take corrective action.
D) Set up a balanced scorecard.

E) A) and B)
F) A) and D)

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 One of the more important measurements of TQM is _____, defined as the amount of time required to develop and deliver products and services to the customer. 


A) total cycle time
B) benchmarking
C) Six Sigma
D) leverage

E) A) and D)
F) B) and C)

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 _____ is a quantitative approach that uses a method known as DMAIC, which stands for define, measure, analyze, improve, and control.


A) Benchmarking
B) Six Sigma
C) Budgeting
D) Total Quality Management

E) All of the above
F) A) and D)

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 The following selected data come from Celebration Company's balance sheets over three recent years. Based on the data, what is Celebration's current ratio for each of the three years, and do the ratios show deterioration or improvement in Celebration's liquidity?  The following selected data come from Celebration Company's balance sheets over three recent years. Based on the data, what is Celebration's current ratio for each of the three years, and do the ratios show deterioration or improvement in Celebration's liquidity? A) 2.12; 2.17; 2.22; strong but deteriorating slightly B) 0.39; 0.40; 0.41; weak but improving slightly C) 2.56; 2.53; 2.46; strong and improving slightly D) 0.47; 0.45; 0.43; weak and deteriorating slightly


A) 2.12; 2.17; 2.22; strong but deteriorating slightly
B) 0.39; 0.40; 0.41; weak but improving slightly
C) 2.56; 2.53; 2.46; strong and improving slightly
D) 0.47; 0.45; 0.43; weak and deteriorating slightly

E) B) and C)
F) All of the above

Correct Answer

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 The accounting system used to assess the specific cost components of producing a product or service is known as


A) economic value added.
B) return on equity.
C) activity-based costing.
D) economies of scale.

E) A) and C)
F) A) and D)

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 In business, only two things can be observed, measured, and monitored:


A) suppliers and customers.
B) behavior and outputs.
C) resources and growth.
D) employee satisfaction and loyalty.

E) A) and D)
F) None of the above

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 The following selected data come from Celebration Company's balance sheets over three recent years. Based on the data, what is Celebration's debt ratio for each of the three years, and do the ratios show deterioration or improvement in Celebration's leverage? Assume that the industry average is 0.30 or 30%.   The following selected data come from Celebration Company's balance sheets over three recent years. Based on the data, what is Celebration's debt ratio for each of the three years, and do the ratios show deterioration or improvement in Celebration's leverage? Assume that the industry average is 0.30 or 30%.  A) 2.12; 2.17; 2.22; strong but deteriorating slightly B) 0.39; 0.40; 0.41; weak but improving slightly C) 2.56; 2.53; 2.46; strong and improving slightly D) 0.47; 0.46; 0.45; weak and deteriorating slightly


A) 2.12; 2.17; 2.22; strong but deteriorating slightly
B) 0.39; 0.40; 0.41; weak but improving slightly
C) 2.56; 2.53; 2.46; strong and improving slightly
D) 0.47; 0.46; 0.45; weak and deteriorating slightly

E) C) and D)
F) A) and B)

Correct Answer

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