BUSI 601-EXAM 1 QUESTIONS AND ANSWERS
activity analysis - Answers :is used to develop a detailed
description of the specific
activities performed in the firm's
operations.
activity-based costing - Answers :is used to improve the accuracy
of cost analysis by improving the
tracing of costs to products or to
individual customers.
activity-based management - Answers :uses activity analysis and
activity-based costing to help
managers improve the value
of products and services, and
to increase the organization's
competitiveness
balanced scorecard - Answers :is an accounting report that
includes the firm's critical
success factors in four areas:
(1) financial performance,
(2) customer satisfaction,
(3) internal processes, and
(4) learning and growth.
benchmarking - Answers :is a process by which a firm
identifies its critical success
factors, studies the best practices
of other firms (or other business
units within a firm) for achieving
these critical success factors, and
then implements improvements
in the firm's processes to match
or beat the performance of those
competitors.
business intelligence - Answers :is an approach to strategy
implementation in which the
management accountant uses
data to understand and analyze
business performance.
business process improvement - Answers :is a management method by
which managers and workers
, commit to a program of
continuous improvement in
quality and other critical success
factors.
cost leadership - Answers :is a strategy in which a firm
outperforms competitors in
producing products or services at
the lowest cost.
cost management - Answers :is the development and use of
cost management information
cost management information - Answers :is developed and used to
implement the organization's
strategy. It consists of financial
information about costs and
revenues and nonfinancial
information about customer
retention, productivity, quality,
and other key success factors for
the organization
critical success factors - Answers :are measures of those aspects
of the firm's performance that
are essential to its competitive
advantage and, therefore, to its
success.
differentiation - Answers :is a competitive strategy in
which a firm succeeds by
developing and maintaining a
unique value for the product
or service as perceived by
consumers.
enterprise risk management - Answers :is a framework and process
that firms use to manage the
risks that could negatively or
positively affect the company's
competitiveness and success
enterprise sustainability - Answers :means the balancing of the
company's short- and long-term
goals in all three dimensions
of performance—social,
activity analysis - Answers :is used to develop a detailed
description of the specific
activities performed in the firm's
operations.
activity-based costing - Answers :is used to improve the accuracy
of cost analysis by improving the
tracing of costs to products or to
individual customers.
activity-based management - Answers :uses activity analysis and
activity-based costing to help
managers improve the value
of products and services, and
to increase the organization's
competitiveness
balanced scorecard - Answers :is an accounting report that
includes the firm's critical
success factors in four areas:
(1) financial performance,
(2) customer satisfaction,
(3) internal processes, and
(4) learning and growth.
benchmarking - Answers :is a process by which a firm
identifies its critical success
factors, studies the best practices
of other firms (or other business
units within a firm) for achieving
these critical success factors, and
then implements improvements
in the firm's processes to match
or beat the performance of those
competitors.
business intelligence - Answers :is an approach to strategy
implementation in which the
management accountant uses
data to understand and analyze
business performance.
business process improvement - Answers :is a management method by
which managers and workers
, commit to a program of
continuous improvement in
quality and other critical success
factors.
cost leadership - Answers :is a strategy in which a firm
outperforms competitors in
producing products or services at
the lowest cost.
cost management - Answers :is the development and use of
cost management information
cost management information - Answers :is developed and used to
implement the organization's
strategy. It consists of financial
information about costs and
revenues and nonfinancial
information about customer
retention, productivity, quality,
and other key success factors for
the organization
critical success factors - Answers :are measures of those aspects
of the firm's performance that
are essential to its competitive
advantage and, therefore, to its
success.
differentiation - Answers :is a competitive strategy in
which a firm succeeds by
developing and maintaining a
unique value for the product
or service as perceived by
consumers.
enterprise risk management - Answers :is a framework and process
that firms use to manage the
risks that could negatively or
positively affect the company's
competitiveness and success
enterprise sustainability - Answers :means the balancing of the
company's short- and long-term
goals in all three dimensions
of performance—social,
