What is the controlling function? correct answers Helps link organizational planning to operations and performance
What are all the managerial functions? correct answers Planning, organizing, staffing, and coordinating
What are the Five Steps of the Control Process? correct answers 1. Establi...
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What is the controlling function? correct answers Helps link organizational planning to
operations and performance
What are all the managerial functions? correct answers Planning, organizing, staffing, and
coordinating
What are the Five Steps of the Control Process? correct answers 1. Establish performance
standards
2. Measure actual performance
3. Variance Analysis
4. Plan corrective action
5. Implement Corrective action
What is the first step of the control process correct answers 1. Establishing measurable
performance standards or targets
What is the second step of the control process correct answers 2. Measure actual performance
What is the third step of the control process? correct answers 3. Variance Analysis: Comparing
and analyizing variances between actual and established performance
What is the fourth step of the control process? correct answers 4. Plan corrective action:
Determine if needed
What is the fifth step of the control process? correct answers 5. Implement corrective action to
address performance problems
What are the 6 control characteristics? correct answers Timeliness
Comprehensive
Specific/Appropriate
Objective
Reflect Responsibility
Understandability
What are some benefits of the control process? correct answers Monitor organizational efficiency
and effectiveness
Help enhance organizational quality
Help improve communication and financial stability
Ensure legal compliance
What are some costs of the control process? correct answers Takes time and resources
Poorly Designed and inaccurate performance report
Could create toxic environment and competition
, What is formalization? correct answers Whether formal controls are in place to structure the
work being performed
What is specialization? correct answers Refers to the degree organizational tasks are divided into
specific jobs
What is centralization? correct answers Preference for decision-making at HIGHER levels of the
organization
What is decentralization? correct answers Preference for decision-making across MANY levels
of the organization
What are the levels of control? correct answers Strategic
Tactical or Management
Operational
What is strategic control? correct answers Based on strategic planning
What is tactical or management control? correct answers Are resources being used effectively?
What is operational control? correct answers Internal efficiency
What are the types of organizational controls? correct answers Feedback
Concurrent
Feedforward
What is feedback control? correct answers Collecting information about a COMPLETED
process
What is concurrent control? correct answers Collecting "real time" information
What is feedforward control? correct answers Anticipates operational problems
What is a financial control? correct answers Ensure organizational resources are properly
allocated
What are the types of financial reporting? correct answers Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Shareholders Equity
What is a balance sheet? correct answers Quarterly or Annually prepared--> details assets owned
by an organization
What is an income statement utilized for? correct answers Used to evaluate operational
effectiveness
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