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QUESTION NO: 9

A company with many branch stores has decided to use its best-performing store as a benchmark organization for the purpose of analyzing the accuracy and

reliability of branch store financial reporting.

Which one of the following is the most likely measure to be included in a financial benchmark?

A. High turnover of employees.

B. High level of employee participation in setting budgets.

C. High amount of bad debt write-offs.

D. High number of suppliers.

Correct Answer: C

Explanation

Explanation/Reference:

Explanation:

Internal benchmarking is the application of best practices in one part of the organization (e.g., a high- performing branch store) to its other parts (other branches).

This process requires, among other things, use of quantitative and qualitative measures. A key indicator for financial performance measurement is the amount of

bad debt write-offs. A high level of bad debt write-offs could indicate fraud, which would compromise the accuracy and reliability of financial reports. Bad debt

write-offs may result from recording fictitious sales.

QUESTION NO: 5

Which of the following is not an appropriate measure of quality?

A. Market share.

B. Delivery performance.

C. Customer satisfaction.

D. Raw materials costs.

Correct Answer: D

Explanation

Explanation/Reference:

Explanation:

Emphasizing lower input costs may result in more defective output, and higher input costs may or may not reflect the procurement of better raw materials.

Financial measures are thus mostly unsuitable for measuring quality.

QUESTION NO: 11

The cost of scrap, rework, and tooling changes in a product quality cost system is categorized as a (n):

A. Training cost.

B. External failure cost.

C. Internal failure cost.

D. Prevention cost.

Correct Answer: C

Explanation

Explanation/Reference:

Explanation:

Internal failure costs are incurred when detection of defective products occurs before shipment. Examples of internal failure costs are scrap, rework, tooling

changes, and downtime.

QUESTION NO: 4

Management of a company is attempting to build a reputation as a world-class manufacturer of quality products. Which of the following measures would not be

used by the firm to measure quality?

A. The percentage of shipments returned by customers because of poor quality.

B. The number of parts shipped per day.

C. The number of defective parts per million.

D. The percentage of products passing quality tests the firsttime

Correct Answer: B

Explanation

Explanation/Reference:

Explanation:

The number of parts shipped per day would most likely be used as a measure of the effectiveness and efficiency of shipping procedures, not the quality of the

product. This measure does not consider how many of the parts are defective.

QUESTION NO: 8

Quality control circles are now used all over the world. The circles typically consist of a group of five to ten employees who meet regularly. The primary goal of

these circles is to:

A. Improve the quality of leadership in the organization.

B. Tap the creative problem-solving potential of every employee.

C. Improve communications between employees and managers by providing a formal communication channel

D. Allow for the emergence of team leaders who can be targeted for further leadership development.

Correct Answer: B

Explanation

Explanation/Reference:

Explanation:

Quality control circles are used to obtain voluntary input from employees to promote problem solving. Potential benefits include lower costs, better employer-

employee relations, and greater employee commitment.

QUESTION NO: 7

An example of an internal nonfinancial benchmark is:

A. The labor rate of comparably skilled employees at a major competitor’s plant.

B. The average actual cost per pound of a specific product at the company’s most efficient plant.

C. A US $50,000 limit on the cost of employee training programs at each of the company’s plants.

D. The percentage of customer orders delivered on time at the company’s most efficient plant.

Correct Answer: D

Explanation

Explanation/Reference:

Explanation:

Benchmarking is a continuous evaluation of the practices of the best organizations in their class and the adaptation of processes to reflect the best of these

practices. It requires analysis and measurement of key outputs against those of the best organizations. This procedure also involves identifying the underlying key

actions and causes that contribute to the performance difference. The percentage of orders delivered on time at the company’s most efficient plant is an example

of an internal nonfinancial benchmark.

QUESTION NO: 1

A traditional quality control process in manufacturing consists of mass inspection of goods only at the end of a production process. A major deficiency of the

traditional control process is that:

A. It is expensive to do the inspections at the end of the process.

B. It is not possible to rework defective items.

C. It is not 100% effective.

D. It does not focus on improving the entire production process.

Correct Answer: A

Explanation

Explanation/Reference:

Explanation:

The process used to produce the goods is not thoroughly reviewed and evaluated for efficiency and effectiveness. Preventing defects and increasing efficiency by

improving the production process raises quality standards and decreases costs.

QUESTION NO: 10

The management and employees of a large household goods moving company believe that it if became nationally known as adhering to total quality management

and continuous improvement, one result would be an increase in the company’s profits and market share. What should the company focus onto achieve quality

more economically?

A. Appraisal costs.

B. Prevention costs.

C. Internal failure costs.

D. External failure costs.

Correct Answer: B

Explanation

Explanation/Reference:

Explanation:

Prevention costs are incurred to prevent defects. Prevention is ordinarily less costly than the combined costs of appraisal, internal failure, and external failure.

QUESTION NO: 3

The most important component of quality control is:

A. Ensuring goods and services conform to the design specifications.

B. Satisfying upper management.

C. Conforming with ISO-9000 specifications.

D. Determining the appropriate timing of inspections.

Correct Answer: A

Explanation

Explanation/Reference:

Explanation:

The intent of quality control is to ensure that goods and services conform to the design specifications. Whether the focus is on feedforward, feedback, or

concurrent control, the emphasis is on ensuring product or service conformity.

QUESTION NO: 2

If a manufacturer has established a limit on the number of defects that are tolerable in the final assembly of its product, which of the following quality control

procedures should be employed?

I.Inspect completed goods for compliance with established tolerances.

II. Review sales returns for defects not detected during the final inspection process.

III. Compare materials and machinery specifications with original product designs.

IV. Establish a quality circle that includes management and subordinates to discuss labor efficiency.

A. I, III, and IV.

B. II and III only.

C. I, II, and III.

D. Ill and IV only.

Correct Answer: C

Explanation

Explanation/Reference:

Explanation:

Inspecting goods after completion of the production process and counting defective goods returned by customers are product quality procedures. They measure

the level of product conformance with customer expectations. Verifying materials and machinery specifications are process quality procedures because they

emphasize the inputs to the process and the process itself.

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