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61 continuous improvement a is a measure of profits b is a measure of costs c reject 4299528

 

61. Continuous improvement: 

A. Is a measure of profits.

B. Is a measure of costs.

C. Rejects the notion of “good enough.”

D. Is not applicable to most businesses.

E. Is possible only in service businesses.

62. An attitude of constantly seeking ways to improve company operations, including customer service, product quality, product features, the production process, and employee interactions, is called: 

A. Continuous improvement.

B. Customer orientation.

C. Just-in-time.

D. Theory of constraints.

E. Total quality measurement.

63. A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called: 

A. Continuous improvement.

B. Customer orientation.

C. Just-in-time.

D. Theory of constraints.

E. Total quality management.

64. An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called: 

A. Continuous improvement.

B. Customer orientation.

C. Just-in-time manufacturing.

D. Theory of constraints.

E. Total quality management.

65. A management concept that applies quality improvement to all aspects of business activities is called: 

A. Continuous operations.

B. Customer orientation.

C. Just-in-time.

D. Theory of constraints.

E. Total quality management.

66. The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is: 

A. Total quality management.

B. Managerial accounting.

C. Customer orientation.

D. Continuous improvement.

E. Lean business model.

67. Benny, an employee of Parrott Company, used company assets for his own personal gain. This is an example of 

A. embezzlement.

B. fraud.

C. internal control.

D. ethics.

E. employment perks.

68. An employee is dissatisfied with the resolution of an ethical conflict at his place of employment. According to the Institute of Management Accountants, the employee's next step should be to 

A. contact the IMA.

B. contact the next level of management who is not involved in the ethical conflict.

C. make the president of the company aware of the ethical conflict.

D. report the incident to the State Board of Accountancy.

E. resign from the company.

69. A direct cost is a cost that is: 

A. Identifiable as controllable.

B. Variable with respect to the volume of activity.

C. Fixed with respect to the volume of activity.

D. Traceable to a cost object.

E. Sunk with respect to a cost object.

70. An opportunity cost is: 

A. An uncontrollable cost.

B. A cost of potential benefit lost.

C. A change in the cost of a component.

D. A direct cost.

E. A sunk cost.

 

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