Managerial Ch 01 - Overview

Question 1

Budget

Answer 1

A detailed plan for the future that is usually expressed in formal quantitative terms. (p. 3)

Question 2

Business process

Answer 2

A series of steps that are followed in order to carry out some task in a business. (p. 11)

Question 3

Constraint

Answer 3

Anything that prevents you from getting more of what you want. (p. 12)

Question 4

Controlling

Answer 4

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change. (p. 3)

Question 5

Corporate social responsibility

Answer 5

A concept whereby organizations consider the needs of all stake-holders when making decisions. (p. 17)

Question 6

Decision making

Answer 6

Selecting a course of action from competing alternatives. (p. 3)

Question 7

Enterprise risk management

Answer 7

A process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals. (p. 9)

Question 8

Financial accounting

Answer 8

The phase of accounting that is concerned with reporting historical finan-cial information to external parties, such as stockholders, creditors, and regulators. (p. 2)

Question 9

Lean Production

Answer 9

A management approach that organizes resources such as people and machines around the flow of business processes and that only produces units in response to customer orders. (p. 11)

Question 10

Managerial accounting

Answer 10

The phase of accounting that is concerned with providing information to managers for use within the organization. (p. 2)

Question 11

Performance report

Answer 11

A report that compares budgeted data to actual data to highlight instances of excellent and unsatisfactory performance. (p. 4)

Question 12

Planning

Answer 12

The process of establishing goals and specifying how to achieve them. (p. 3)

Question 13

Segment

Answer 13

A part or activity of an organization about which managers would like cost, revenue, or profit data. (p. 3)

Question 14

Strategy

Answer 14

A company?s ?game plan? for attracting customers by distinguishing itself from competitors. (p. 8)

Question 15

Theory of Constraints

Answer 15

A management approach that emphasizes the importance of managing constraints. (p. 12)

Question 16

Value chain

Answer 16

The major business functions that add value to a company?s products and services, such as research and development, product design, manufacturing, marketing, distribution, and customer service. (p. 11)