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Finance Management and Control System MCQ

A(n) ____ is created to become effective on the death of the grantor.

Answer

Correct Answer: Testamentary trust

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Think, talk, coach, and assess are part of the ______.

Answer

Correct Answer: performance success cycle

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The process to minimize negative impacts on customers/stakeholders due to faulty outputs is ______.

Answer

Correct Answer: damage control

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The action taken to fix an output is ______.

Answer

Correct Answer: rework control

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The method of control used for unique or nonrecurring activities is ______.

Answer

Correct Answer: project controls

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Intensity, Integrity, and Intimacy, or the “3 Is” are ______.

Answer

Correct Answer: a coaching philosophy

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Which control method relies on policies, procedures, and rules that influence employee behavior in predictable situations?

Answer

Correct Answer: standing plans

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The process of giving motivational feedback to maintain and improve performance is ______.

Answer

Correct Answer: coaching

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The limited number of areas in which satisfactory results will ensure successful performance in achieving the objective are called ______.

Answer

Correct Answer: critical success factors

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Which step in the Coaching Model is concerned with making sure employees are doing what you expect, not just what you inspect?

Answer

Correct Answer: follow-up

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Anticipating and preventing problems, ensuring that standards are met, fixing and reworking an output, and minimizing negative impacts to stakeholders are part of ______.

Answer

Correct Answer: organizational systems control

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The budget used to determine all planned major asset investments is the ______.

Answer

Correct Answer: capital expenditures budget

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The budget used to forecast the total operating spending for the year is ______.

Answer

Correct Answer: expense budget

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The accounting statement that presents revenue and expenses along with the profit and loss for the stated time period is the ______.

Answer

Correct Answer: income statement

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Which activity in management by walking around (MBWA) involves removing stumbling blocks that may prevent employees from improving their performance?

Answer

Correct Answer: facilitating

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Which step in the control systems process involves establishing how a job should be performed and in what time frame?

Answer

Correct Answer: set objectives and standards

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Standards are measures of performance levels in the areas of?

Answer

Correct Answer: All of these

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Rework Control is action taken to fix an input.?

Answer

Correct Answer: False

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Action designed to anticipate and prevent possible problems is known as ?

Answer

Correct Answer: Preliminary Control

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The revenue and expense budgets are known as ?

Answer

Correct Answer: Operating Budgets

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Management Counseling is a process of giving employees ___so they realize that a problem is affecting their job performance and referring employees with problems to the employee assistance program?

Answer

Correct Answer: Feedback

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Management by Walking Around or MBWA is a type of supervision which has _____ major activities.

Answer

Correct Answer: Three

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Management Audit is Analysis of the organization’s ?

Answer

Correct Answer: All of these

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Financial Statements consist of?

Answer

Correct Answer: All of these

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A EAP benefit program staffed by people who do not help employees get professional assistance in their problems.

Answer

Correct Answer: False

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Corrective action to get employees to meet standards and standing plans is known as ?

Answer

Correct Answer: Discipline

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Damage Control Action taken to minimize negative impacts on customers/stakeholders due to faulty inputs ?

Answer

Correct Answer: False

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The large number of areas in which satisfactory results will ensure successful performance, achieving the objective/standard is known as critical success factors ?

Answer

Correct Answer: False

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Control Systems Process include?

Answer

Correct Answer: All of these

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The rate of repetition—constant,______, or occasional—of measures taken to control performance.

Answer

Correct Answer: Periodic

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Action taken to ensure that standards are met as inputs are transformed into outputs is known as ?

Answer

Correct Answer: Concurrent Control

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The coaching process of giving motivational feedback does not maintain and improve performance?

Answer

Correct Answer: False

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A Capital Expenditures Budget projection of all planned major asset_______?

Answer

Correct Answer: Investments

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A budget planned quantitative allocation of resources for _____activities?

Answer

Correct Answer: Specific

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