A number of terms that relate to organizations, the work of management, and the role of managerial accounting are listed below:

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Choose the term or terms above that most appropriately complete the following statements.

1. ________________ is concerned with providing information for the use of those who are inside the organization, whereas ________________ is concerned with providing information for the use of those who are outside the organization.
2. ________________ consists of identifying alternatives, selecting from among the alternatives the one that is best for the organization, and specifying what actions will be taken to implement the chosen alternative.
3. When ________________, managers oversee day-to-day activities and keep the organization functioning smoothly.
4. The accounting and other reports coming to management that are used in controlling the organization are called ________________.
5. The delegation of decision-making authority throughout an organization by allowing managers at various operating levels to make key decisions relating to their area of responsibility is called ________________.
6. A position on the organization chart that is directly related to achieving the basic objectives of an organization is called a ________________ position.
7. A ________________ position provides service or assistance to other parts of the organization and does not directly achieve the basic objectives of the organization.
8. The manager in charge of the accounting department is generally known as the ________________.
9. The plans of management are expressed formally in ________________.
10. A detailed report to management comparing budgeted data to actual data for a specific time period is called a ________________.
11. The ________________ is the member of the top management team who is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users.
12. Managerial accounting places less emphasis on ________________ and more emphasis on ________________ than financial accounting.

A number of terms are listed below:

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Required:

Choose the term or terms from the above list that most appropriately completes each of the following statements:

1. A(n)________________ is a game plan that enables a company to attract customers by distinguishing itself from competitors.
2. ________________ is a method that relies on customer feedback and objective data gathering and analysis techniques to drive process improvement.
3. A(n)________________ is a series of steps that are followed to carry out some task in a business.
4. The system by which a company is directed and controlled is called ________________.
5. The process used by a company to help identify the risks that it faces and to develop responses to those risks so that the company is reasonably assured of meeting its goals is known as ________________.
6. A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand is known as ________________.
7. The ________________ fuels the globalization phenomenon by providing companies with greater access to geographically dispersed customers, employees, and suppliers.
8. A(n)________________ is anything that prevents an organization or individual from getting more of what it wants.
9. Increasing the rate of output of a(n)________________ as the result of an improvement effort is unlikely to have much effect on profits.
10. A(n)________________ consists of business functions that add value to a company's products and services such as research and development, product design, manufacturing, marketing, distribution, and customer service.
11. A(n)________________ integrates data from across an organization into a single centralized database that enables all employees to access a common set of data.
12. A management approach that coordinates business processes across companies to better serve end consumers is known as ________________.
13. The ________________ is a five-step management approach that organizes resources around the flow of business processes and that ________________ units through those processes in response to customer orders.
14. A company can only succeed if it creates a reason for customers to choose it over a competitor; in short, a ________________.
15. A(n)________________ is a detailed plan for the future, usually expressed in formal quantitative terms.
16. A(n)________________ consumes resources but does not add value for which customers are willing to pay.
17. The management approach that emphasizes the importance of managing constraints is known as the ________________.

Andy Morio was hired by a popular fast-food restaurant as an order-taker and cashier. Shortly after taking the job, he was shocked to overhear an employee bragging to a friend about shortchanging customers. He confronted the employee who then snapped back: “Mind your own business. Besides, everyone does it and the customers never miss the money.” Andy didn't know how to respond to this aggressive stance.

Required:

What would be the practical consequences on the fast-food industry and on consumers if cashiers generally shortchanged customers at every opportunity?