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Control Systems & Issues in the Hospitality Industry Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. A just-in-time inventory system ensures that _____.

Question 2 2. What is the reorder point?

Question 3 3. Adding a barcode to inventory products is one way to _____.

Question 4 4. In terms of inventory control, when does obsolescence occur?

Question 5 5. Which of the following is an example of a production goal?

Page 2

Question 6 6. What does the directing step of the management process involve?

Question 7 7. Controlling is the _____ step of the management process.

Question 8 8. A perpetual system or fixed-order-quantity system is also referred to as a(n) _____.

Question 9 9. Which of the following answer choices contains the best example of a perpetual inventory system?

Question 10 10. Which statement concerning an ABC classification system of inventory control is most accurate?

Page 3

Question 11 11. Which of the following items would be considered inventory at a restaurant?

Question 12 12. _____ prepare accounting reports and summary sheets that detail the revenue generated from different sources throughout the day.

Question 13 13. Which of the following individuals is a night auditor?

Question 14 14. What type of information is contained in an income statement?

Question 15 15. Which cycle begins with records of how resources enter and exit an organization?

Page 4

Question 16 16. What is the role of the Financial Accounting Standards Board?

Question 17 17. What are Generally Accepted Accounting Principles?

Question 18 18. Which of the following is a purpose of internal controls?

Question 19 19. Which of the following does NOT qualify as inventory?

Question 20 20. Charlie divides his inventory into three different groups with differing levels of inventory control for each group. What type of inventory system is Charlie employing?

Page 5

Question 21 21. Which of the following areas of knowledge is essential for a hotel night auditor to perform the duties and procedures of the job?

Question 22 22. What information is generated daily by a hotel night auditor for use by management?

Question 23 23. In her role as an accountant for ABC Manufacturing Janis has uncovered a pattern of errors made by one clerk in the parts department. How should Janis handle this situation?

Question 24 24. A loss that occurs from honest mistakes being made by individuals is called a(n) _____ loss.

Question 25 25. Pete manages employees who coordinate training programs. He wants registrants to receive notification of a training program cancellation due to low enrollment within two weeks of the start date. After a warning and a period of retraining, one of Pete's employees, Ralph, is still notifying attendees under the two-week mark. Pete has decided to give Ralph a final written warning and let him know that if he does not improve this could lead to his termination. Which step of the controlling process is this an example of?

Page 6

Question 26 26. Controlling is the fourth step in a larger management process that involves which of the following?

Question 27 27. All of the following are benefits of a just-in-time (JIT) system EXCEPT:

Question 28 28. Which of the following is NOT a technique for inventory control mentioned in the lesson?

Question 29 29. On a balance sheet, assets are equal to what?

Question 30 30. If your company's assets are $100,000 while it's shareholders' equity is $70,000, what is the value of your company's liabilities?

Control Systems & Issues in the Hospitality Industry Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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