Question: 5. Management by exception means a) managers are exceptional leaders and should be followed. b) managers should review results that are material and controllable differences.

5. "Management by exception" means

a) managers are exceptional leaders and should be followed.

b) managers should review results that are material and controllable differences.

c) investment managers have the most responsibility and should be evaluated based on their bottom line, net income.

d) static budgets are "exceptional" and should be used more often than flexible budgets.

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