Question $21$

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The American Society for Quality defines $\_\_\_\_\_\_\_\_$ as the total features and characteristics of a product or a service made or performed according to specifications to satisfy customers at the time of purchase and during use.

Select one:

a$.$

costs

b$.$

margin

c$.$

quality

d$.$

integrity

e$.$

appraisal

Question $22$

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In which step of the decision$-$making process do managers compare predicted benefits?

Select one:

a$.$

Step $1$: Identify the Problem and Uncertainties.

b$.$

Step $2$: Obtain Information.

c$.$

Step $3$: Make Predictions About the Future.

d$.$

Step $4$: Make Decisions by Choosing Among Alternatives.

e$.$

Step $5$: Implement the Decision, Evaluate Performance, and Learn

Question $23$

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$\_\_\_\_\_\_\_\_$ are costs incurred on defective products after they have been shipped to customers.

Select one:

a$.$

Allocation costs

b$.$

Prevention costs

c$.$

Appraisal costs

d$.$

Internal failure costs

e$.$

External failure costs

Question $24$

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An organization's ability to offer products or services its customers perceive to be superior, or unique, relative to products or services of its competitors is:

Select one:

a$.$

competition.

b$.$

cost leadership.

c$.$

equivalent products.

d$.$

product differentiation.

e$.$

bargaining power of customers.

Question $25$

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Many organizations are increasingly presenting financial and nonfinancial performance measures for their subunits in a single report referred to as the $\_\_\_\_\_\_\_\_.$

Select one:

a$.$

balance sheet

b$.$

balanced scorecard

c$.$

resource statement

d$.$

fixed cost flexible$-$budget

e$.$

variable unfixed cost flexible$-$budget

Question $26$

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Managers use detailed variance analysis for which of the following reasons?

Select one:

a$.$

To better plan for the next budget period.

b$.$

Detailed variance analysis minimizes the invoice error rate.

c$.$

Detailed variance analysis better predicts the earnings per share.

d$.$

Detailed variance analysis better illustrates the data trends of the prior cycle.

e$.$

To understand why actual results differ from the static$-$budget developed for that period.

Question $27$

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The expected performance is also referred to as the $\_\_\_\_\_\_\_\_.$

Select one:

a$.$

variance

b$.$

target output

c$.$

critical value set

d$.$

financial objective

e$.$

budgeted performance

Question $28$

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In what stage of the capital$-$budgeting process do top managers ask marketing managers for potential revenue numbers, plant managers for assembly times, and suppliers for prices and the availability of key components.

Select one:

a$.$

Stage $1$: Identify projects.

b$.$

Stage $2$: Obtain information.

c$.$

Stage $3$: Make predictions.

d$.$

Stage $4$: Make decisions by choosing among the alternatives.

e$.$

Stage $5$: Implement the decision, evaluate performance, and learn.

Question $29$

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A $\_\_\_\_\_\_\_\_$ expresses management's operating and financial plans for a specified period.

Select one:

a$.$

strategy

b$.$

coordination

c$.$

master budget

d$.$

communication

e$.$

pro forma statement

Question $30$

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An organization's ability to achieve lower costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control is:

Select one:

a$.$

cost leadership.

b$.$

consumer relations.

c$.$

product differentiation.

d$.$

bargaining power of consumers.

e$.$

bargaining power of suppliers.