Which of the following is a use of budgets for control?
a.Plans can be made for the future.
b.If conditions change between the formation of the budget and the current time, budgets can be quickly adapted.
c.Budgets set a standard against which results can be compared.
d.Communication is improved.
2.What is the term for looking backward, determining what actually happened, and comparing what actually happened with the previously planned outcomes?
3.Which of the following is a characteristic of budgets?
a.They are key components of recording a financial history.
b.They reflect on financial plans of the past.
c.They are identifiers of objectives and the actions needed to achieve them.
d.They are created once during the life of the business.
4.Which is a characteristic of the master budget?
a.It provides a selective financial plan for the organization as a whole.
b.It is typically for a 1-year period corresponding to the fiscal year of the company.
c.It is divided into daily and weekly budgets.
d.It is created externally and imposed on management.
5.Which of the following is a disadvantage of budgeting?
a.It forces managers to make decisions with limited information.
b.It provides excessive control information.
c.It provides information that slows decision making.
d.It happens too quickly to provide useful information.
6.Which of the following is characteristic of the master budget?
a.Monthly budgets are derived by dividing the master budget by 12.
b.Fixed costs on the master budget cannot change from one month to another.
c.Variable costs on the master budget cannot change from one month to another.
d.The master budget can reflect seasonal effects.
7.Which of the following is an operating budget?
a.the budgeted statement of cash flows
b.the capital expenditures budget
c.the budgeted income statement
d.the cash budget
8.Which of the following statements depicts an aspect of the master budget?
a.The overhead budget is typically composed exclusively of variable overhead.
b.The direct labour budget uses an average wage rate for direct labour.
c.The production budget is converted into dollars.
d.The sales budget includes not stated both units and dollars.
9.Which budget adds an additional month in the future as one month expires so that the company always has a month plan on hand?
a.a continuous budget
b.a financial budget
c.an operational budget
d.a yearly budget
10.Who is responsible for directing and coordinating an organization’s overall process of budgeting?
b.the chief financial planner
c.the budget director
d.the chief accountant
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