5 Written Questions
5 Matching Questions
- Master budget
- Time-driven activity-based
- Relative performance contracts
- Fixed performance contract
- Operating budgets
- a An incentive compensation plan whereby compensation is a function of actual performance compared to a fixed (budgeted) target.
- b Represents budgets prepared in conjunction with a TDABC system.
- c Plans for all phases of operations and include production, purchasing, personnel, and marketing budgets.
- d Reward managers for performance based on comparison of actual results with specified benchmarks not budgeted targets.
- e An organization's operating and financing plan for the upcoming period; it translates short-term objectives into action steps
5 Multiple Choice Questions
- Shows expected sales in units at their expected selling prices.
- Planned spending on projects and initiatives that lead to long-term value and competetive advantage.
- Identifies required actions over a 5 to 10 year period to attain the firm's strategic goal(s).
- Identify sources and uses of funds for budgeted operations and capital expenditures
- Consistency between the goals of the firm, its subunits, and its employees.
5 True/False Questions
Production budget → Depicts effects on cash of all budgeted activities.
Budget → A detailed plan for the acquisition and use of financial and other resources over specified period of time - typically a fiscal year.
Cash budget → Shows expected sales in units at their expected selling prices.
Kaizen budgeting → A process for evaluating, selecting, and financing long-term projects
Merchandise purchases budget → Shows the physical amount and cost of planned purchases of direct materials.