____ Is the Regulatory Process of Establishing Standards That Will

question 66

Multiple Choice

____ is the regulatory process of establishing standards that will achieve organizational goals, comparing actual performance to those standards, and then, if necessary, taking corrective action to restore performance to those standards.

• A)Implementation
• B)Goal-setting
• C)Control
• D)Suboptimization
• E)Benchmarking

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Definitions:

Cost Formula

An equation or method used to determine the total cost of producing goods or services, combining fixed costs, variable costs, and sometimes semi-variable costs.

Variable Selling Expenses

Costs that vary directly with the volume of sales, such as commissions and shipping fees.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted, indicating how much revenue is available to cover fixed expenses and to contribute to profit.

Variable Administrative Expenses

Costs that vary in proportion to changes in an organization's activity level, such as sales commissions.