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Assessing the planning, organizing, leading, and controlling efforts of one's own organization is the essential function of:


A) strategic audit.
B) feedforward control.
C) feedback control.
D) external audit.
E) internal audit.

F) B) and D)
G) B) and C)

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Kate is the financial manager at Flavors Inc., a lollipop manufacturer. One of her duties is to make a budget that shows the anticipated receipts and expenditures of the company. The budget also shows the amount of working capital available and the extent to which outside financing may be required. Kate makes this budget after all other budget estimates have been completed. Which of the following types of budget is Kate currently working on?


A) Master budget
B) Cash budget
C) Cost budget
D) Production budget
E) Sales budget

F) B) and E)
G) B) and C)

Correct Answer

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Which of the following is true of managing in an empowered world?


A) "High-flex" organizations are based on obedience.
B) Team performance and adding value to the customer should be emphasized.
C) Information must police decision making.
D) Close supervision, checks, and balances are recommended.
E) Emphasis should be put on managing by numbers.

F) B) and D)
G) A) and C)

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