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Flashcards in Chapter 15 Deck (22)
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1
Q

a financial statement that shows the firm’s financial position with respect to assets and liabilities at a specific point in time

A

balance sheet

2
Q

a comprehensive management control system that balances traditional financial measures with measures of customer service, internal business processes, and the organization’s capacity for learning and growth

A

balanced scorecard

3
Q

the continuous process of measuring products, services, and practices against major competitiors or industry leaders

A

benchmarking

4
Q

a budgeting process in which lower-level managers budget their departments’ resource needs and pass them up to top management for approval

A

bottom-up budgeting

5
Q

a budget that plans and reports investments in major assets to be depreciated over several years

A

capital budget

6
Q

a budget that estimates and reports cash flows on a daily or weekly basis to ensure that the company has sufficient cash to meet its obligations

A

cash budget

7
Q

the implementation of a large number of small, incremental improvements in all areas of the organization on an ongoing basis

A

continuous improvement

8
Q

the system of governing an organization to ensure accountability, fairness, and transparency in the organization’s relationship with stakeholders

A

corporate governance

9
Q

the steps taken to complete a company process

A

cycle time

10
Q

the use of organizational culture, group norms, and a focus on goals, rather than rules an procedures, to foster compliance with organizational goals

A

decentrailzed control

11
Q

a budget that outlines the anticipated and actual expenses for a responsibility center

A

expense budget

12
Q

the use of rules, policies, hierarchy of authority, reward systems, and other formal devices to influence employee behavior and assess performance

A

hierarchical control

13
Q

a financial statement that summarizes the firm’s financial performance for a given time interval; sometimes called a profit-and-loss statement

A

income statement

14
Q

a set of standards that represent an international concensus of what constitues effective quality management, as outlined by the International Organization for Standardization

A

ISO 9000 standards

15
Q

sharing financial information and results with all employees in the organization

A

open-book management

16
Q

the systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans, targets, and standards of performance

A

organizational control

17
Q

a group of 6 to 12 volunteer employees who meet regularly to discuss and solve problems affecting the quality of their work

A

quality circle

18
Q

an organizational unit under the supervision of a single person who is responsible for its activity

A

responsibility center

19
Q

a budget that identifies the forecasted and actual revenues of the organization

A

revenue budget

20
Q

a quality control approach that emphasizes a relentless pursuit of higher quality and lower costs

A

Six Sigma

21
Q

a budgeting process in which middle- and lower-level managers set departmental budget targets in accordance with overall company revenues and expenditures specified by top management

A

top-down budgeting

22
Q

a concept that focuses on managing the total organization to deliver quality to customers. Four significant elements of TQM are employee involvement, focus on the customer, benchmarking, and continuous improvement

A

total quality management (TQM)