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engi man finals > controlling > Flashcards

controlling Flashcards

1
Q

refers to the process of ascertaining whether organizational objectives have been achieved.

A

controlling

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2
Q

complete the cycle of management functions

A

controlling

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3
Q

4 steps of control process

A
  1. establishing performance objectives and standards
  2. measuring actual performance
  3. comparing actual performance to objectives and standards
  4. taking necessary action based on the results of the comparisons
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4
Q

5 objectives and standards

A
  1. sales targets
  2. production targets
  3. worker attendance
  4. safety record
  5. supplies used
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5
Q

(objectives and standards). which are expressed in quantity or monetary terms.

A

sales targets

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6
Q

(objectives and standards). which are expressed in quantity or quality.

A

production targets

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7
Q

(objectives and standards). which are expressed in terms of rate of absences.

A

worker attendance

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8
Q

(objectives and standards). which is expressed in number of accidents for given periods.

A

safety record

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9
Q

(objectives and standards). which are expressed in quantity or monetary terms for given periods.

A

supplies used

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10
Q

3 necessary actions may be undertaken

A
  1. hire additional personnel
  2. use more equipment
  3. require overtime
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11
Q

3 distinct types of control

A
  1. feedforward control
  2. concurrent control
  3. feedback control
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12
Q

type of control measure undertaken when management anticipates problems and prevent their occurence.

A

feedforward control

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13
Q

this type of control provides the assurance that the required human and nonhuman resources are in place before operations begin.

A

feedforward control

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14
Q

this type of control is undertaken when operations are already ongoing and activities to detect variances are made.

A

concurrent control

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15
Q

it is always possible that deviations from standards will happen in the ————–

A

production process

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16
Q

this type of control is undertaken when information is gathered about a completed activity, and in order that evaluation and steps for improvement are derived.

A

feedback control

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17
Q

aimed at improving future activities are features of feedback control.

A

corrective actions

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18
Q

6 organizational control systems

A
  1. strategic plan
  2. long-range financial plan
  3. operating budget
  4. performance appraisals
  5. statistical reports
  6. policies and procedures
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19
Q

provides the basic control mechanism for the organization.

A

strategic plan

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20
Q

indicates the expenditures, revenues, or profits palnned for some future period regarding operations.

A

operating budget

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21
Q

measures employee’s performance. as such, it provides employees with a guide on how to do their jobs better in the future.

A

performance appraisal

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22
Q

pertain to those that contain data on various developments within the firm.

A

statistical reports

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23
Q

7 statistical reports

A
  1. labor efficiency rates
  2. quality control rejects
  3. accounts recievable
  4. accounts payable
  5. sales reports
  6. accident reports
  7. power consumption report
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24
Q

refer to the framework within which the objectives must be pursued.

A

policies

25
Q

is a plan that describes the exact series of actions to be taken in a given situation.

A

procedure

26
Q

2 strategic control systems

A
  1. financial analysis
  2. financial ratio analysis
27
Q

contains information about the company’s gross income, expenses, and profits.

A

income statements

28
Q

4 category of financial ratios

A
  1. liquidity
  2. efficiency
  3. financial leverage
  4. profitability
29
Q

these ratios assess the ability of a company to meet its current obligations.

A

liquidity ratios

30
Q

2 important indicators of liquidity

A
  1. current ratio
  2. acid-test ratio
31
Q

LR. this shows the extent to which current assets of the company can cover its current liabilities.

A

current ratio

32
Q

current ratio formula

A

CA or current assets / CL or current liabilities

33
Q

LR. this is a measure of the firm’s ability to pay off short-term obligations with the use of current assets without relying on the sale of inventories.

A

acid-test ratio

34
Q

acid-test ratio formula

A

CA or current assets - CL or current liabilities or inventories

35
Q

these ratios show how effectively certain assets or liabilities are being used in the production of goods and services.

A

efficiency ratios

36
Q

2 common efficiency ratios

A
  1. inventory turnover ratio
  2. fixed asset turnover
37
Q

ER. this ratio measures the number of times an inventory is turned over (or sold) each year.

A

inventory turnover ratios

38
Q

inventory turnover ratio formula

A

cost of goods sold / inventory

39
Q

ER. this ratio is used to measure utilization of the company’s investment in its fixed assets, such as its plant and equipment.

A

fixed asset turnover

40
Q

fixed asset turnover formula

A

net sales / net fixed assets

41
Q

this is a group of ratios designed to assess the balance of fianncing obtained through debt and equity sources.

A

financial leverage ratios

42
Q

2 important leverage ratios

A
  1. debt to total assets ratio
  2. times interest earned ratio
43
Q

FLR. this ratio shows how much of the firm’s assets are financed by debt.

A

debt total assets ratio

44
Q

debt to total assets ratio formula

A

total debt / total assets

45
Q

FLR. this ratio measures the number of times that earnings before interest and taxes cover or exceed the company’s interest expense.

A

times interest earned ratio

46
Q

time interest earned ratio formula

A

profit before tas + interest expense / interest expense

47
Q

these ratios measure how much operating income or net income a company is able to generate in relation to its assets, owner’s equity, and sales.

A

profitability ratios

48
Q

3 notable profitability ratios

A
  1. profit margin ratio
  2. return on assets ratio
  3. return on equity ratio
49
Q

PR. this ratio compares the net profit to the level of sales.

A

profit margin ratio

50
Q

Profit margin ratio formula

A

net profit / net sales

51
Q

PR. this ratio shows how much income the company produces for every peso invested in assets.

A

return on assets ratio

52
Q

return on assets ratio formula

A

net income / assets

53
Q

PR. this ratio measures the returns on the owner’s investment.

A

return on equity ratio

54
Q

return on equity ratio formula

A

net income / equity

55
Q

3 approaches kreitner mentions

A
  1. executive reality check
  2. comprehensive internal audit
  3. general checklist of symptoms of inadequate control
56
Q

is one undertaken to determine the efficiency and effectivity of the activities of an organization.

A

internal audit

57
Q

aims to detect dysfunctions in the organization before they bring bigger troubles to management.

A

comprehensive internal audit

58
Q

3 means to identify control problems

A
  1. executive reality check
  2. comprehensive internal audit
  3. general checklist of symptoms of inadequate control
59
Q

is important because it compliments the other management functions.

A

controlling

engi man finals (5 decks)

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