A Company That Uses Benchmarking as a Quality Improvement Practice

question 41

Multiple Choice

A company that uses benchmarking as a quality improvement practice will ________.

• A)emulate the best practices and techniques used in their industry
• B)institutionalize the not-invented-here philosophy
• C)not analyze the competition's product
• D)rely exclusively on government research for product improvements
• E)be in the furniture business

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Definitions:

Adjusting Journal Entry

An entry in accounting that is made at the end of an accounting period to record any unrecognized income or expense for the period.

Income Tax Expense

The cost incurred by businesses or individuals due to earnings, represented as an expense in financial statements and affecting net income.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company for reinvestment.