Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Environment and Concepts > B1: Corporate Governance and Operations Management > Flashcards

B1: Corporate Governance and Operations Management Flashcards

1
Q

Network Marketing

A

Relationships and Referrals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

E-Marketing

A

Use of Internet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Database Marketing

A

Target Groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Interaction-Based Relationship Marketing

A

Repeat Business/Loyalty Discounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Transaction Marketing

A

Lowest Price, Single Sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Cause-and-Effect Diagram “Fishbone”

A

Trace “Defect” back to source using

  1. Materials
  2. Manpower
  3. Machinery
  4. Method
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Pareto Diagram “Histogram”

A

Most to Least Frequent. Uses output/total for cumulative percentages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Control Charts

A

Determine “zero” defects. Also known as goalpost performance to ensure deviations are within an acceptable range

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Partial Productivity Ratios

A

Output / Specific Quantity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Total Factor Productivity Ratios

A

Output / Total Costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

3 Objectives of COSO Framework “ORC”

A
  1. Operations Objectives: Effectiveness & Efficiency
  2. Reporting Objectives: External & Internal, Reliable and Transparent
  3. Compliance Objectives: Adhere to laws & regulations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Components of Internal Control “CRIME”

A
  1. Control Environment: Tone at the Top
  2. Risk Assessment: Financial Statement misstatement or fraud?
  3. Information & Communication: Fair, Accurate, Complete, & Timely = FACT
  4. Monitoring: Efficiency of Internal Control, Report Deficiencies
  5. Existing Control Activities: Policies/Procedures to mitigate risks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Control Environment “EBOCA”

A 
Ethics & Integrity
Board Independence and Oversight
Organizational Structure
Commitment to Competence = Hire, Develop, Retain
Accountability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Risk Assessment “EAR”

A

Event Identification
Assess Risk
Respond to Risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Information & Communication “FACT”

A 
Internal: Internal Audit, Audit Committee, Management
External: CPA Firm
Fair
Accurate
Complete
Timely
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Monitoring

A

Report and Correct Deficiencies

17
Q

Existing Control Activies

A

Develop IT and Deploy Policies

18
Q

Effective Internal Control Requirements

A
  1. Present: Included as Designed

2. Functioning: Operating as Designed

19
Q

Ineffective Internal Control

A

Major Deficiency

20
Q

Enterprise Risk Management Objectives “SORC”

A
  1. Strategic: High-level goals designed to achieve the mission
  2. Operations: Efficient & Effective Use of Resources
  3. Reporting: Consistent Reporting
  4. Compliance: With Laws and Regulations
21
Q

Components of Enterprise Risk Management “IS EAR AIM”

A

Internal Environment = (C)RIME
Setting Objectives = “SORC”

Event Identification \
Assessment of Risk | -> C(R)IME
Risk Response /

(Existing Control) Activities = CRIM(E)
Information & Communication = CR(I)ME
Monitoring = CRI(M)E

22
Q

Internal Environment = Tone at the Top “EBOCA HR”

A 
Ethics
Board Oversight
Organizational Structure
Commitment to Competence
Accountability

Human Resources & Risk Appetite
Risk Management

23
Q

Setting Objectives “SORC”

A

Strategic Objectives
Operations
Reporting
Compliance

24
Q

Event Identification

A 
Risks (negative) and Opportunities (positive)
External = PESTN
Political
Economic
Social
Technological 
Natural Environment
Internal = TIPP
Technology
Infrastructure
Personnel
Process
25
Q

Assessment of Risk

A 
Inherent = What's the risk is Management takes NO action
Residual = What's the risk AFTER Management takes action
26
Q

Risk Response

A 
Must align with the organizations overall risk appetite
Avoidance = Discontinue
Reduction = Invest
Sharing = Buy Insurance
Acceptance = No action
27
Q

Existing Control Activities

A

Policies and Procedures
Variance Analysis = Budget vs. Actual
Activity Management = Performance Reports
Performance Indicators = Ratio Analysis = Red Flags

28
Q

Information and Communication “FACT”

A 
Fair 
Accurate
Complete
Timely 
Internal = Personnel     External = Supplier and Customer
29
Q

Monitoring

A

Verify Effective Operations
Separate Evaluations
Report Deficiencies

Business Environment and Concepts (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions