partner support page for a guide on the basics. - Exercises BE 1-1 Management process Obj. 1 Three phases of the management process are planning, directing, and controlling. Match the fol- lowing descriptions to the proper phase: Phase of Management Process Planning Directing Controlling Description a. Developing long-range courses of action to achieve goals b. Isolating significant departures from plans for further investigation and possible remedial actions may lead to a revision of future plans c. Process by which managers, given their assigned levels of responsibilities, run day-to-day operations BE 1-2 Direct materials, direct labor, and factory overhead Obj. 2 Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for a magazine publisher: a. Staples used to bind magazines b. Wages of printing machine employees C. Maintenance on printing machines d. Paper used in the magazine BE 1-3 Prime and conversion costs Obj. 2 Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for magazine publisher a. Paper used for the magazine b. Wages of printing machine employees C Glue used to bind magazine d. Maintenance on printing machines Obj. 2 BE 1-4 Product and period costs Identify the following costs as a product cost or a period cost for a magazine publisher: a. Sales salaries b. Paper used for the magazine Maintenance on printing machines d. Depreciation expense-corporate headquarters c