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Cost Accounting 101 Practice Test: Strategy, Balanced Scorecard, and Strategic Profitability Analysis
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A strategy is a plan or set of plans to achieve a goal, especially over a long period of time. A balanced scorecard is a strategic planning framework that companies use to prioritize products, services, and projects, and to plan activities and communicate goals. Strategic profitability analysis is a tool to evaluate how well a business generates profit from its strategy.  Here's some more information about each of these concepts: Strategy: A strategy specifies how an organization matches its capabilities with market opportunities to achieve its objectives. Balanced scorecard: A strategic... Show more
Cost Accounting 101 Practice Test: Strategy, Balanced Scorecard, and Strategic Profitability Analysis
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25 Questions

1. Which of the following is a force that shapes an organization's profit potential?
2. Measures of the balanced scorecard's internal-business-process perspective include all of the following EXCEPT:
3. This gain in operating income is consistent with a:"
4. Downsizing:
5. In general, profit potential ________ with greater competition, stronger potential entrants, products that are similar, and more-demanding customers and suppliers.
6. Measures of the balanced scorecard's financial perspective include all of the following EXCEPT:
7. The balanced scorecard measures an organization's performance from all of the following perspectives EXCEPT:
8. ________ is an organization's ability to achieve low costs relative to competitors through productivity and efficiency improvements, elimination of waste, and tight cost control.
9. The revenue effect of growth is calculated by multiplying the difference in units sold (current year minus the previous year) by ________.
10. Successful reengineering involves:
11. Partial productivity multiplied by the quantity of input used results in:
12. Identify the best description of the balanced scorecard's internal business processes perspective. To achieve our firm's vision and strategy:
13. Which strategy is Meale's Corporation pursuing?
14. Measures of the balanced scorecard's internal-business-process perspective include:
15. Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives.
16. Unused capacity is the amount of productive capacity available over and above the productive capacity employed to meet customer demand in the current period.
17. Which component of strategy measures the changes in operating income attributed solely to an increase in the quantity of output between Year 1 and Year 2?
18. ________ measures the relationship between actual inputs used and actual outputs achieved.
19. The balanced scorecard translates an organization's mission and strategy into a set of performance measures that provides the framework for implementing its strategy.
20. The number of complaints about a product is an example of a balanced-scorecard measure of the:
21. The return-on-investment ratio is an example of a balanced-scorecard measure of the:
22. Reengineering is the fundamental rethinking and redesign of business processes to achieve improvements in critical measures of performance such as cost, quality, service, speed, and customer satisfaction.
23. To further company strategy, measures on the balanced scorecard would most likely include:
24. To effectively deal with unused capacity a company:
25. Successful reengineering efforts generally involve changing the roles and responsibilities of employees.

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