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Concept 12 Practice Quiz

Adam Peterson 8 questions

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Questions in this quiz (8)

  1. 1The triple bottom line concept refers to:
    1. AEvaluating organizational performance in terms of social and environment impact in addition to financial considerations
    2. BPeople, profits, processes
    3. CThe three main financial documents for reporting profits: the operating or profit/loss statement, the budget, and a statements of cash flow
    4. DA process of verification of performance similar to an audit
  2. 2Which of the following is NOT true regarding organizational controls:

    1. AControls consist solely of financial documents for reporting purposes
    2. BControls should be balanced against the costs they incur and the benefits they provide
    3. CControl should both inform managers as to current performance and alert to variations or deviations from a plan
    4. DControls also exist in the form of managerial or, non-financial controls
  3. 3The balance sheet refers to

    1. AA snapshot of the organization's financial position at a certain point in time
    2. BA schedule of anticipated earnings and expenses over a period of time
    3. CA record of changes in cash in or out of the firm
    4. DA strategic management tool that considers the four perspectives of 1) learning & growth, 2) internal business practices, 3) customer, and 4) financial
  4. 4Net Income (or Net Profit) is:

    1. AThe difference between the income and all expenses
    2. BThe difference from what price an product sold for and what it cost the product cost you to acquire or produce it
    3. CA record of changes in cash in or out of the firm
    4. DThe total amount of sales in a given time period
  5. 5The planned income or expenses of a firm can be found on which financial statement?

    1. AA budget
    2. BA profit/loss (P/L) statement
    3. CThe cash flow statement
    4. DThe balance sheet
  6. 6Which of the following should not be considered a fixed expense?

    1. ACost of Goods Sold
    2. BRent
    3. CUtilities
    4. DSalaries of administrative personnel (“overhead”)
  7. 7Which of the following is NOT a good reason that nonfinancial controls are important to include:

    1. ANot all managers or employers are proficient at reading or understanding financial performances document
    2. BIn the long term, they have significant influence over profitability
    3. CNonfinancial items are of great strategic importance when properly linked to financial measures
    4. DStakeholders have priorities that are not limited to financial performance.
  8. 8In examining financial statements, which of the following should cause the most alarm and why: Halfway into the fiscal year, you notice that “office supplies” expense category is overspent by about 75% on a $6,000 annual budget. At the end of the fiscal year, you notice that your salaries expense line item is over by almost $150,000. This represents a projected 5% variance on a projected annual budget of $3.0M.

    1. ABoth are potentially significant because they represent significant variances, one in dollars, while the other is in percentage variance, from the operating plan or budget
    2. BItem 1 is the larger concern because a 75% variance is substantial whereas 5% is not.
    3. CItem 2 is the larger concern because $150K is a lot more than $2,250 (75% more than budgeted at that point in the year)
    4. DNeither is necessarily significant as #1 is only off by $2,250 while #2 other is only off by 5%

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Description
MGMT 2003 Quiz on Concept 12 Practice Quiz, created by Adam Peterson on 14/03/2018.
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English
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