Exam 1

Question 1

SWOT

Answer 1

Ø Internal
		○ Strength 
		○ Weaknesses
	Ø External
		○ Opportunities

Threats

Question 2

Balanced Score card

Answer 2

- FCIL
		○ Financial
		○ Customer
		○ Internal
		○ Learning and Growth

Question 3

Strategy Map

Answer 3

Is a cause and effect diagram of the relationships among the BSC perspective

Question 4

Value Chain

Answer 4

Is an analyss Tool firms use to Identify the specific steps required to provide a product or service

Question 5

Critical Success Factors

Answer 5

Are measures of those aspects of the Frims performance that are essential to its competitive advantage and, there fore to its success.

Question 6

Core Copetencies

Answer 6

What we do best

Question 7

Sustanability

Answer 7

Means the balanceing of the companies short and long term goals in all three dimensions of Performance ( social, Environmental, and Financial

Question 8

Three Dimensions of Performance

Answer 8

Social
Environmental
And Financial

Question 9

Direct Materials

Answer 9

Raw Materials that can be easily Traced to a Cost Object

Question 10

Direct Labor

Answer 10

Labor that can be easily traced to a Cost Object

Question 11

Cost Drivers

Answer 11

High Correlation between it and applying overhead

Question 12

Variable Cost

Answer 12

Change in total but not in Rate

Question 13

Fixed Cost

Answer 13

Change in rate but not in Total

Question 14

Appied overhead

Answer 14

Applied to using Predetermined Overhead rate and a cost driver

Question 15

Actual Overhead

Answer 15

Actual cost of manufacturing

Question 16

How to allocate for a material under allocation

Answer 16

Allocate based on % of the total of WIP, FGI, GOG

Question 17

Mixed Costs

Answer 17

A cost with both Fixed and variable cost components

Question 18

Relevant Range

Answer 18

The range in production that the costs are relevant

Question 19

Standard cost

Answer 19

Uses all standard rates

Question 20

Actual Costing

Answer 20

Uses Actual costs

Question 21

Normal Costing

Answer 21

Uses Actual Materials, Actual Labor, and Applied Overhead

Question 22

Flow of Processing Raw materials to COG

Answer 22

Materials Purchase, Materials Inventory, WIP materials used, COG Manufactured, FG inventory, COG sale