Management Test 5

What type of budget includes data forecasting sales by month, sales area, and product?

sales

An integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that result in continuous improvement in the production of high-quality goods and services is known as Blank______.

TQM

______ are designed to verify accounting reports and statements.

Accounting audits

______ helps an organization recognize streams of activity and assign costs according to the time spent on particular activities.

Activity-based costing

______ is a method of cost accounting that allocates costs across business processes rather than functions.

Activity-based costing

______ are equal to liabilities plus stockholder's equity.

Assets

______ establishes relationships among feedforward control, concurrent control, and feedback control.

Budgetary control

______ control is the use of rules, regulations, and authority to guide performance.

Bureaucratic

What are two typical ways entrepreneurs can exploit opportunities?

By exploring domains that are avoided by large companies By introducing goods or services that capture the market because they are simpler, cheaper, more accessible, or more convenient

Which elements are necessary to build an intrapreneurial culture within an organization?

Changing compensation systems to reward innovative behaviors Creating new venture teams

______ stems from informal interpersonal processes influenced by culture, leaders, and teams.

Clan control

Which of these are characteristics of an entrepreneurial personality?

Commitment and determination Motivation to excel Leadership

______ is defined as any process that directs the activities of individuals toward the achievement of organizational goals.

Control

Which are reasons that people resist control systems?

Control systems can change the social structure. Control systems can change expertise and power structures. Accuracy of performance data makes employees more accountable.

______ control helps managers by providing accurate and timely information regarding customers' reactions to goods and services.

Feedback

______ control occurs before operations begin and allows managers to look ahead to anticipate problems before they arise.

Feedforward

Why is it no longer sufficient to base control systems entirely on bureaucratic and market mechanisms?

Employees' jobs have become more complex and intellectual. Managers do not necessarily know each job better than employees do. Employees' relationship to their work has changed.

In order to design an effective control system, which elements should be included?

Encourage open communication. Ensure acceptability to employees. Use multiple approaches.

What type of new business has growth and high profitability as primary objectives?

Entrepreneurial venture

Which statement is a common myth regarding entrepreneurs?

Entrepreneurs get rich quick and have more leisure time.

Which of these are myths about entrepreneurs?

Entrepreneurs go into business for themselves because they cannot work with others. Entrepreneurship is the most stressful career there is. Entrepreneurs are gamblers.

As an entrepreneur, the challenge called "you might not enjoy it" presents which problem?

Entrepreneurs usually have to do all of the functions of running a business, even those areas they do not like or know how to do.

True or false: A small business differs from an entrepreneurial venture in that a small business operates for growth and profitability, while an entrepreneurial venture is just an innovative idea that can enhance a small business' growth potential.

False

True or false: Management has very little influence on fostering entrepreneurial orientation.

False

What are people seeking when they start their own businesses?

Feeling independent and being part of the action Tremendous satisfaction in building the business and watching it grow and succeed Better quality of life than they might have at big companies Opportunities after they see their progress or ideas blocked at large organizations

What does the risk vs. innovation entrepreneurial strategy matrix do?

Helps entrepreneurs decide if their ventures suit their objectives. Helps identify effective and ineffective strategies. Gives perspective on possible opportunities in low-risk, low-innovation strategies. Helps entrepreneurs decide on a preferred level of risk and innovation.

What is the promise of payoffs from the project in return for support, time, money, and other resources?

Horse trading

Which pieces of information can you learn from a business's cash budget?

How much cash is available How much income and expenses the business expects How much working capital is available

Which statement about Initial Public Offerings (IPOs) is true?

IPOs need to be federally registered.

______ is a family of standards designed to improve total quality in all businesses for the benefit of producers and consumers.

ISO 9001

Which elements of the business plan are necessary to fully consider the competition of a proposed business?

Identify the current competitions and their strengths and weaknesses. Identify future potential competitors. Predict how the new venture will respond to the competitors' responses.

Which factors in the economic environment improve business prospects and increase sources of capital?

Increases in the money supply (capital) Increases in the supply of bank loans Improved stock market performance Real economic growth

What is the first-time sale of federally registered and underwritten shares of company stock to the public?

Initial public offering (IPO)

What is the creation of something new and different called?

Innovation

What organizational tendency requires the firm to support new ideas, experimentation, and creative processes?

Innovativeness

Select the benefits of a business plan.

It helps entrepreneurs obtain financing. It serves as a guide as the entrepreneur plans and organizes. It helps determine the viability of the enterprise.

Select the characteristics that define a small business.

It is independently owned. It is not dominant in its field. It is independently operated.

Social entrepreneurship differs from corporate social responsibility in several ways. Which of the following are true of social entrepreneurship?

It provides dual, shared value. It incorporates social as well as economic value.

What are two traits of an entrepreneurial venture?

It seeks rapid growth. It works toward a quick sellout with large capital gains.

In JIT operations, what happens when a customer places an order?

It triggers a factory order and the production process.

______ offers efficiency only when the costs of storing items are greater than the costs of frequent delivery.

JIT

What nonfinancial resource involves people's judgment of a company's acceptance, appropriateness, and desirability?

Legitimacy

______ ratios indicate how much of the company's money is coming from creditors versus how much is from shareholders.

Leverage

______ ratios reveal whether a business is able to cover short-term debts.

Liquidity

Most small business ventures fall into which category of the entrepreneurial strategy matrix?

Low innovation/high risk

Continuous processes are characterized by which of the following?

Machines and computers do all the work. They have a relatively organic structure.

Midori is a manager of a business unit. She is responsible for and evaluated by profit and loss. Which strategy does her company use for achieving organizational control?

Market control

______ affect performance via economic forces and pricing mechanisms.

Market controls

What technological advances have created entrepreneurial possibilities?

Microcomputers Nanotechnology Biotechnology

Which survival difficulties are true of entrepreneurial ventures?

Mistakes in a start-up are potentially devastating. New ventures have more trouble lining up investors. Increased competition can cause start-ups to fail.

Entrepreneurs are more likely to succeed if they have which one of these characteristics?

Opportunity obsession

Which tools are often used to measure performance levels inside an organization?

Oral reports Personal observations Written reports

Which are advantages of partners?

Partners can help with the workload. Partners can share expertise. Partners can share the risk.

What is the difference in the value of passive or nonprofessional investors with venture capitalists investors?

Passive investors will give entrepreneurs the money but let them do what they want. Professional venture capitalist investors are likely to solve problems and know how to help. Professional venture capitalist investors demand more control and more of the returns.

Which statements about business plans are true?

Potential investors want to know more than just financial projections. Many business plans focus heavily on financial projections.

In which two ways do market controls affect pricing?

Price helps to regulate productivity and performance. Price indicates how valuable the service or good is.

Which are common reasons people become entrepreneurs?

Profit potential The challenge Personal satisfaction Better quality of life

______ ratios show how well management is generating a financial return on sales or investment.

Profitability

Which statement regarding risk in a business plan is true?

Risk must be understood and addressed as fully as possible.

When faced with early failures, what do successful entrepreneurs do?

Revise the initial idea. Persist in the face of failure. Kill the initial idea but not the company.

______ can result in rigid, inflexible behavior geared toward doing only what the system demands.

Rigid bureaucratic control`

What tendency comes from a willingness to commit significant resources and perhaps to borrow heavily, to venture into the unknown?

Risk taking

Which refers to an approach that uses statistical tools to analyze the causes of product defects and aims at defect-free outputs?

Six Sigma

Nonfinancial resources include which of the following?

Social capital (social networking) Legitimacy in the minds of the public

Which of these provides dual, shared value: creating economic value plus societal benefit simultaneously?

Social entrepreneurship

______ creates social value by stimulating social change or meeting social needs.

Social entrepreneurship

What are the three common models individuals can choose from when starting a new e-commerce business?

Subscription Storefront Business-to-business

What elements must be considered when contemplating a franchise?

Terms of the license agreement Nature of the business Market presence Market share

How important are nonfinancial resources to new venture success?

The are essential to the success of a new business

In which ways would an entrepreneurial venture be different from a small business?

The financial backers of entrepreneurs usually seek rapid growth and immediate and high profits. Small business owners tend not to manage aggressively; they expect normal, moderate sales, profits, and growth. Entrepreneurial ventures have growth and high profitability as primary objectives.

Select the principles of ISO 9001.

There should be an evidence-based approach to decision making. The focus should be on customers.

What are the two mistakes entrepreneurs often make about financial resources?

They apply financial resources to the wrong uses. They spend too much.

Which of the following is NOT one of the reasons employees often resist control systems?

They are seen as a complete waste of time.

Which statement about cost budgets is true?

They are used for areas that incur expenses but no revenue.

Which statements are true about the people in your entrepreneurial business?

They should be energetic. They should be good with ideas but ready to switch ideas if necessary. They should have skills relevant to the venture.

What is likely to happen if there are too many entrepreneurial projects in a company?

Those recruited to manage the projects might have difficulty building power bases within the organization. Each effort might be too small in scale.

What are reasons that entrepreneurial businesses go public by using IPOs?

To raise more capital To reduce debt To improve credibility with customers To pursue otherwise unaffordable opportunities

______ price is a type of business-unit level market control used to regulate exchanges among departments and functions.

Transfer

_______ price is the amount one business unit charges for a good or service provided to another within the organization.

Transfer

True or false: An obvious risk of intrapreneurship is failure.

True

True or false: Control systems will be ineffective if employees engage in tactical behavior aimed at "beating the system."

True

Which of the following statements does NOT support Total Quality Management?

Use numerical quotas.

Which factors influence the role of the economic environment on entrepreneurial activity?

While bad times in the economy may be challenging, it can also offer an opportunity to expand. Increases in money leads to an increase in prospects and sources of capital, which can increase the rate of business formation. Downturns in the economy require entrepreneurs to have foresight and talent to survive. Entrepreneurial activity stems from the economic environment as well as the behavior of individuals.

For an entrepreneur, the nonfinancial resource of a strong network of people is Blank______.

a great aid for success

The periodic inspection of financial records to ensure they were prepared properly is a(n) ______.

accounting audit

A(n) Blank______ is a group of people willing to help an entrepreneur learn basics, identify needed strategic changes, and build relationships with bankers.

advisory board

Which are included in an opportunity analysis?

assessment of the entrepreneur specification of resources needed description of the good or service source of capital assessment of the opportunity

The values of the items a firm owns are called ______.

assets

What types of products are produced through mass customization?

automobiles computers clothes

In addition to budgets, businesses commonly use the sheet and the profit and loss statement to help control overall organizational performance.

balance

The ______ summarizes the financial condition of a company at a specific time.

balance sheet

Which are the five tendencies that determine entrepreneurial orientation?

being competitively aggressive allowing independent action fostering innovation taking risks being proactive

A standard is a target that organizations use to ______.

benchmark actual performance motivate performance among employees establish a desired performance level

When managers use shared values, norms, standards of behavior, and expectations to control individuals and groups in organizations, they are using ______ control.

clan

The first step of the budgetary control process involves ______.

budget approval and publication the broad plan for the company estimating sales

The master budget might also be thought of as the ______.

budget of budgets

The process of determining what an organization is doing and comparing the results to budget data is known as ______.

budgeting

Which of the following are types of control systems?

bureaucratic clan market

After a young business begins gaining a foothold and establishing itself, a ______ can help entrepreneurs build and launch a rapidly successful venture.

business accelerator

The Blank______ describes the venture and its market, strategies, and future direction.

business plan

Which leverage ratio shows how well the company can cover its long-term financial obligations?

debt-equity ratio

Wars and disasters, such as Hurricane Katrina and terrorist attacks, have provided entrepreneurial opportunities. These opportunities are the result of Blank______.

calamities

During step four of the control process, where managers must assess whether or not performance standards have been met, managers _______.

can learn how to take corrective action going forward

Which type of budget typically treats costs as investments because of their long-term nature?

capital budget

Every business must have a _____ budget, which is calculated after all other budget estimates are finished.

cash

Characteristics of small batch technologies include all of the following EXCEPT Blank______.

centralized decision making

Supervisors are using feedback control when they ______.

check results to discover and correct improper performance

The type of control system that is based on a belief that employees share the values, expectations, and goals of the organization and behave and perform accordingly is referred to as ______ control.

clan

Which are steps in the control process?

comparing performance to the standard setting performance standards measuring performance taking action to correct problems

After setting performance standards and measuring performance, what is the third step of the control cycle?

comparing performance with the standard

The use of computer-aided design and computer-aided manufacturing to sequence and optimize a number of production processes is called Blank______.

computer integrated manufacturing

CLM Technologies Inc. manufactures two products, and the production process is fully automated so that no human workers are on the factory floor. The factory runs 24 hours a day. This is an example of Blank______.

continuous process technology

Effective managers make sure that activities are going as planned through ______, any process that directs activities toward organizational goals.

control

The ______ budget is used for areas of the organization that incur expenses but no revenue, such as human resources and other support departments.

cost

Entrepreneurship involves Blank______.

creating new systems, resources, or processes to produce new goods or services and/or serve new markets

The central objective of entrepreneurship is Blank______.

creating value

What is the most common liquidity ratio?

current ratio

A multifaceted process focusing on creating two-way exchanges with customers to foster intimate knowledge of their needs, wants, and buying patterns is Blank______.

customer relationship management

Companies can better understand, as well as anticipate, the needs of current and potential customers by implementing Blank______.

customer relationship management

Which steps may be included in an external audit?

determining where a competitor is strong or weak evaluating other organizations that might be subject to merger or acquisition investigating the soundness of a potential supplier

Control systems are an important method of constraining people's behavior and making their behavior predictable; however, they can also lead to ______.

dysfunctional behavior

Due to rising oil prices, there has been a variety of developments in alternative energy or energy-efficient products. These are possible entrepreneurial opportunities due to Blank______.

economic dislocations

What factors influence the success or failure of business start-ups?

economic environment management-related challenges

A production budget should include which of the following?

economic quantities to produce available resources types and capacities of machines

Managers conduct audits of various systems within an organization to evaluate the organization's ______.

efficiency effectiveness

JIT represents a number of key production and organizational concepts including Blank______.

elimination of delays reduced setup times elimination of waste reduced cycle times perfect quality

Large, diversified firms use ______ to regulate independent business units.

market controls

Controlling by profit and loss is most commonly used for the ______.

entire enterprise

The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services is called Blank______.

entrepreneurial orientation

Which of the following are included in a company's triple bottom line?

environmental impact financial performance impact on employees and communities where the company operates

The managerial principle that states that control is enhanced by concentrating on the exceptions to the standard is known as the principle of ______.

exception

Which factors are associated with environmental context?

exchange rate interest rates inflation tax policies

One market that traditionally has been dominated by the government and large defense contractors but that is now being explored by smaller entrepreneurs is Blank______.

exploring outer space

When an organization conducts an evaluation of another organization, it is called a(n) ______ audit.

external

New companies without much of a track record Blank______.

face more hurdles attracting investors and customers

Which are approaches to bureaucratic control?

feedback control feedforward control concurrent control

Human resources policies against workplace romances are a type of ______ control.

feedforward

Which are risks that must be considered in the business plan?

fierce competitor responses losing a key customer key people leaving the company interest rates changing

Risk refers primarily to the probability of major Blank______ loss.

financial

Control systems generally include ______ performance targets and incorporate aspects of preliminary, concurrent, and feedback control.

financial and nonfinancial

Manufacturing plants that have short production runs, are organized around products, and use decentralized scheduling are called Blank______ factories.

flexible

An entrepreneurial alliance between an innovator who created at least one successful store and wants to grow the business and a partner who manages a new store of the same type in a new location is called a(n) Blank______.

franchise

Lourdes, an innovator, has created a successful store and wants to grow the business. She finds a partner who agrees to manage a new store of the same type as Lourdes' but in a new location. The partner will pay Lourdes for allowing him to use her business model and name. This type of arrangement is called Blank______.

franchising

A great product, a viable market, and Blank______ are essential ingredients to entrepreneurial success.

good timing

Driven by advances in technology coupled with changes in the medical field, opportunities are arising in the Blank______ sector.

health care

Deming's 14 points of quality emphasize a Blank______ approach to management.

holistic

A company's advisory board can do which of the following?

identify needed strategic changes build relationships with other professionals teach the basics of business operation

New venture creators who work inside an existing company are called Blank______.

intrapreneurs

The need to provide a nurturing environment for a fledgling enterprise led to the creation of business Blank______.

incubators

To allow Blank______ is to grant to individuals and teams the freedom to exercise their creativity, champion promising ideas, and carry them out.

independent action

With continuous process technology, company communication tends to be Blank______.

informal

Managers are discovering that control systems based solely on bureaucratic and market mechanisms are ______ for directing today's workforce.

insufficient

A manager's attempt to assess her organization's planning, organizing, leading, and control processes is referred to as a(n) ______ audit.

internal

In order to evaluate an organization's effectiveness, a manager might conduct the which of the following types of audits?

internal external

Identifying environmental context is important in a business plan because ______.

it can make it easier or harder to get backing and to succeed a favorable regulatory and economic environment will affect the viability of the new venture

A system that calls for subassemblies and components to be manufactured in very small lots and delivered to the next stage of the production process just as they are needed is Blank______.

just-in-time (JIT) operations

A vital part of operations strategy is continuous improvement, also known as Blank______.

kaizen

Japanese business philosophy centers on the belief that a company retains competitive advantage by continuing to improve. This concept is known as Blank______.

kaizen

A centralized company with a mechanistic structure and many rules and formal procedures typically uses Blank______ technology.

large batch

McDonald's and Burger King have production processes that tend to be very standardized, with all customers receiving similar if not identical products. They are examples of companies that use Blank______.

large batch technology

An organizing approach based on a commitment to making an operation both efficient and effective and that continually strives for improvement is called Blank______ manufacturing.

lean

An operation that achieves increased efficiency while simultaneously improving effectiveness is referred to as Blank______.

lean manufacturing

A balanced scorecard comprises which of the following sets of performance measures?

learning and growth financial business processes customer satisfaction

A(n) Blank______ firm will have an easier time acquiring other resources such as top managers, good employees, financial resources, and government support.

legitimate

New clothing and music trends, desire for fast food, growing interest in sports, and increased concern about the environment are examples of entrepreneurial opportunities due to Blank______.

lifestyle and taste changes

For most companies, budgetary control begins with an estimate of ______ and expected income.

sales

Which characteristics of a company's value chain build competitive advantage?

linking the elements in innovative ways developing innovative distribution channels achieving economies of scale

Flexible factories, as opposed to traditional factories, are characterized by Blank______.

local or decentralized scheduling organization around products, work cells, or teams

The movement of resources into the organization and of products from the organization to its customers is called Blank______.

logistics

Which function is often critical to an organization's ability to be responsive and achieve a competitive advantage?

logistics

What are some of the benefits offered by incubators?

low rent business services shared staff costs technical services

Getting support for a project from peers before seeking formal approval from higher levels in a company is known as Blank______.

making cheerleaders

What is the most common type of tactical behavior?

manipulate information

Which type of control relies on economic forces?

market

When business units make their own decisions and have their own power, managers can use ______ to ensure that performance meets the corporation's goals.

market controls

Which are primary activities in the generic value chain?

marketing inbound logistics outbound logistics

The production of varied, individually customized products at the low cost of standardized, mass-produced products is called Blank______.

mass customization

What type of budget brings together and coordinates other budgets from all of a company's main activities?

master

Effective control systems ______.

maximize potential benefits and minimize dysfunctional behaviors

An effective control system should accomplish which two goals?

minimize behaviors that impede performance produce the most possible benefits

Luvo is setting a ______ budget by reviewing forecasts of sales by month, sales area, and product.

sales

What are the two major liabilities of start-ups?

newness and smallness

The Blank______ factor of the business plan should provide a competitive advantage that can be defended.

opportunity

In the launch of a business, the first formal planning step is a(n) Blank______, which provides the basis for making a decision on whether to act.

opportunity analysis

The most dangerous risk in corporate entrepreneurship is the risk of Blank______.

overreliance on a single project

Many entrepreneurs want Blank______ investors who will give them money and let them do what they want.

passive

In the third step of the control process, managers evaluate actual ____.

performance

Quantity, quality, time used, and cost are all ways in which ______ are measured.

performance standards

Which items are typically considered part of a firm's capital budget?

plants and/or buildings equipment

Market control is based on the use of ______ to manage activities within organizations.

pricing and other economic factors

With the ______, only exceptional cases require corrective action.

principle of exception

A ______ budget is typically stated in physical units.

production

The benefits of CIM include Blank______.

production of high-variety products in high volume greater control and predictability of production process reduced waste

An itemized financial statement of income and expenses is a(n) ______.

profit and loss statement

The balance sheet and the ______ are financial statements that help control overall organizational performance.

profit and loss statement

Return on investment (ROI) is an example of a(n) ______ ratio.

profitability

Business accelerators ______.

provide support to young businesses that have begun to establish a foothold

What key business element is often an entrepreneur's greatest challenge?

raising money to start the business

A bureaucratic control includes ______.

regulations formal rules legitimate authority performance appraisals

No matter how it is measured, performance data must be ______ to be of value to the organization.

reported promptly

What three types of potential employee responses to control should managers consider?

resistance to control tactical behavior rigid bureaucratic behavior

What is the first major step in the control process?

setting performance standards

Managers must usually restructure their internal processes and relationships with customers in fundamental ways to achieve Blank______ quality.

six sigma

An approach to stimulating intrapreneurial activity using project teams designated to produce a new product that is formed with a specific goal within an specific time frame is called Blank______.

skunkworks

Marilyn Bee is an entrepreneur who specializes in catering to high-end photography enthusiasts. In her organization, there are no rules and formal procedures, and the decision making tends to be decentralized. Marilyn's operation is best described as ______.

small batch technology

A(n) Blank______ is often defined as having fewer than 500 employees, being independently owned and operated, not dominant in its field, and not characterized by many innovative practices.

small business

A competitive advantage in the form of relationships with other people and the image other people have of you is called ______ capital.

social

Organizations that use market-based methods to leverage resources to address social problems are referred to as Blank______.

social enterprises

Leveraging resources to address social problems is called Blank______.

social entrepreneurship

A firm's budget is developed for ______.

specific time period

Which of the following is NOT a feature for designing an effective control system?

specifying organizational mission objectives

Organizations court failure when they Blank______.

spread their entrepreneurial efforts over too many projects

The activity-based costing approach results in ______.

spreading costs over activities according to the time spent on each

A ______ is the targeted level of performance for a given goal.

standard

If managers use too much ______, they can reduce the level of learning that takes place in the organization.

standardization

The amount accruing to a corporation's owners is known as ______.

stockholders' equity

A balance sheet itemizes which of the following?

stockholders' equity assets liabilities

A(n) _____ is used when companies want to evaluate how effectively they are serving all stakeholders and protecting the environment.

sustainability audit

During step four of the control process, if a manager discovers significant variances, the manager should ______.

take immediate action

Which are examples of issues in the workplace that can be avoided with feedforward controls in the form of policies?

tattoos and body art workplace romance public disclosure of corporate information

A disadvantage of going public is the Blank______.

tendency to focus more on the stock price rather than running the business

Activity-based costing requires ______.

that managers spread expenses across various employee activities that employees describe what they do every day

The balance sheet shows assets, liabilities, and stockholders' equity, the latter of which is defined as ______.

the amount accruing to the corporation's owners

Which control system includes performance standards regarding finances, customers, business processes, and learning?

the balanced scorecard

Select the elements regarding customers that must be addressed in a business plan.

the decision-making process of the customer the cost to acquire and support a customer the ease or difficulty to retain a customer

The primary difference between entrepreneurship and intrapreneurship is Blank______.

the level of corporate support and company resources

An entrepreneur has the most incentive to be careful with financial resources if Blank______.

the money comes from the entrepreneur's own assets

In addition to the financial projections, the best business plans convey which key factors?

the opportunity the people the competition the risks and rewards the context

One of the keys to starting a business is obtaining the money to do so. Where do start-up businesses typically get most of their money from?

the owners, their families, and bank lines of credit

For many astute investors, the most important variable of business plans is Blank______.

the people

What items should be covered when discussing competition in the business plan?

the strengths and weaknesses of the competition identification of the current competitors how the company will respond to the competition

One thing entrepreneurs may not realize when they begin their venture is that Blank______.

they usually have to work every aspect of the business

To spot opportunities for entrepreneurial ideas, you should Blank______.

think carefully about events and trends as they unfold

Performance standards are set with respect to which of the following?

time used quality quantity cost

To be of value, the reporting of performance standards must be ______.

timely

The last step of the control process is ______.

to take action that will correct significant deviations

When designing a control system, managers should remember ______.

to use multiple types of controls

Sookie has worked diligently to re-orient the managers of her company toward a comprehensive approach to improving product quality and customer satisfaction. Sookie's company is practicing Blank______.

total quality management

What type of market control provides a natural incentive to keep costs down and quality up?

transfer price

To measure performance levels, managers can count which of the following?

units produced websites viewed days absent

The coordinated series or sequence of functional activities necessary to transform inputs such as raw materials or professional skills into the finished goods or services customers value and want to buy, is called the Blank______.

value chain

When an organization conducts an internal audit, it is evaluating ______.

what the company has done for itself and others

Performance data is commonly obtained from both ______ reports, in addition to personal observation.

written and oral