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ORG MAN > LESSON 12 > Flashcards

LESSON 12 Flashcards

1
Q

It is a major management function that contributes to the achievement of organizational goals by checking errors and addressing deviations from established performance standards

A

Controlling

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2
Q

It is an ongoing process that involves members at all levels of the organization

A

Controlling

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3
Q

These are both closely related management functions

A

Planning and controlling

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4
Q

This type of control anticipates the occurrence of possible problems so that preventive measures can be implemented before the actual operation

A

Feedforward control

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5
Q

This type of control is implemented while the activity is in progress

A

Concurrent control

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6
Q

This type of control is done after the activity

A

Feedback control

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7
Q

This technique entails establishing procedures and policies that ensure efficiency in the activities of the company

A

Administrative control

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8
Q

This involves assigning an employee to take responsibility in completing a task

A

Delegation

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9
Q

This type of control involves the collection and analysis of information in order to make decisions

A

Evaluation

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10
Q

These are information on hoe money is spent and how profits are maximized by the company

A

Financial reports

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11
Q

Messures the company’s ability to meet its current debt obligations

A

Liquidity ratio

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12
Q

Access the organization’s used of debt to finance its assets to and meet the interest payments on debts

A

Leverage ratio

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13
Q

Measures the efficiency of the company in using its assets to met its various financial obligations and convert its various accounts to cash

A

Activity ratio

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14
Q

Measures the efficiency of the company in generating profits

A

Profitability ratio

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15
Q

This provides a general impression of employee performance

A

Performance appraisal

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16
Q

Approach that evaluates employees based on certain traits like honesty, flexibility, creativity, and punctuality

A

Trait approach

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17
Q

This approach compares the performance of employees set by the company

A

Achievement-based approach

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18
Q

This approach involves employees being evaluated by a group of people

A

Group approach

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19
Q

These form part of the internal control of an organization as they guide behavior in the workplace

A

Policies and procedures

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20
Q

This control method relies on the quality of products and services as a basis for establishing performance standards, monitoring results, and comparing results with the standards

A

Quality control

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21
Q

ISO

A

International Organization Standardization

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22
Q

These are important tools that determine whether the company is on track toward achieving its financial goals

A

Accounting/Financial Controls

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23
Q

It provides a summary of the company’s financial position over a period of time

A

Balance sheet

24
Q

Things or resources that the company owns

A

Assets

25
Q

Refer to the sales of goods or services that are not yet collected, or sales still kn credit

A

Accounts receivable

26
Q

Includes the cost of raw materials, work-in-process, and finished goods

A

Inventory

27
Q

Assets that include cash on hand, cash deposited in banks, prepaid or advance payments not yet used, accounts receivable and inventory

A

Current assets

28
Q

The value of the shares issued by a company

A

Equity

29
Q

Assets considered as debt, unsettled transactions or other monetary obligations owed to a company by its debtors of customers

A

Receivable

30
Q

These include assets such as land, buildings, leasehold improvements, equipment, furniture, and fixtures, delivery trucks, machinery, and other capital owned by the company

A

Property, plant, and equipment

31
Q

Refers to assets that do not have physical substance and may be hard to evaluate

A

Intangible assets

32
Q

These are the obligations of the company to creditors for past transactions such as acquisition of raw materials and other debts

A

Liabilities

33
Q

These liabilities are usually due within one year

A

Current liabilities

34
Q

These Lieblings have a prescribed period of more than a year

A

Long-term liabilities

35
Q

It is the amount of loans due based on a written agreement or promise to pay

A

Notes payable

36
Q

It refers to the obligations of the company to supplies without a written promissory note and are classified as current liability

A

Accounts payable

37
Q

This is a current liability that is specific to the Philippines

A

SSS/Philhealyh payable

38
Q

It shows the amount the company should remit as taxes to the environment

A

Income taxes payable

39
Q

The amount due to the amount due to the employees but are not yet given as of the date of balance sheet

A

Salaries payable

40
Q

The amount of interest the company owes from proceeds of a loan that is due as of the date of the balance sheet

A

Interest payable

41
Q

It shows the amount of capital the owners of the business have invested

A

Owner’s equity or stockholder’s equity

42
Q

This represents ownership of the corporation

A

Common stock

43
Q

This is a special class of stock whose holders are given preference in the distribution of dividends before the common stockholders

A

Preferred stock

44
Q

This is the net income of the corporation less dividends

A

Retained earnings

45
Q

Standard formula for determining the financial status of a company

A

Assets = Liabilities + Owner’s Equity

46
Q

This reports profits earned or lesses incurred by the company over a given period

A

Income statement

47
Q

This is the income from primary activities such as the production and selling of goods on the part of the manufacturer

A

Revenue

48
Q

Refers to revenue gained from the sale of goods by retailers, distributors, manufacturers, and wholesalers

A

Sales revenue

49
Q

Comes from secondary activities unrelated to the main business like rent from an idle warehouse or garage

A

Other revenue

50
Q

These are costs incurred in the operation of the business such as salaries and wages of employees;

A

Expenses

51
Q

The income statement lists the revenue and expenses incurred by the company, and the total expenses is subtracted from the total revenues

A

Net income

52
Q

Indicates that expenses are less than the income or total revenue at a given period

A

Profit

53
Q

This happens when the expenses are greater that the revenue

A

Lose

54
Q

Formula for net income

A

Net income = Revenues - Expenses

55
Q

This refers to the processes implemented to control the formulation and execution of strategic plans

A

Strategic control

56
Q

This market tool evaluates the extent and quality of customer relations, how the marketing function is integrated with other functions of the organization, and how well marketing activities and functions are coordinated

A

Marketing effectiveness

ORG MAN (3 decks)

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