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5 Written Questions

5 Matching Questions

  1. Sales budget
  2. Cash budget
  3. Master budget
  4. Production budget
  5. Operating budgets
  1. a Shows expected sales in units at their expected selling prices.
  2. b Shows planned production for given period.
  3. c Depicts effects on cash of all budgeted activities.
  4. d Plans for all phases of operations and include production, purchasing, personnel, and marketing budgets.
  5. e An organization's operating and financing plan for the upcoming period; it translates short-term objectives into action steps

5 Multiple Choice Questions

  1. The process of projecting continuing operations and projects and then reflecting their financial impact.
  2. A process for evaluating, selecting, and financing long-term projects
  3. The "cushion" managers intentionally build into budgets to help ensure success in meeting the budget.
  4. Shows the amount and budgeted cost of direct material required for production
  5. Provides a constant planning horizon with the use of regularly updated forecasts.

5 True/False Questions

  1. Fixed performance contractReward managers for performance based on comparison of actual results with specified benchmarks not budgeted targets.


  2. Financial budgetsIdentify sources and uses of funds for budgeted operations and capital expenditures


  3. Direct materials purchases budgetShows the physical amount and cost of planned purchases of direct materials.


  4. Zero-base budgeting (ZBB)A budgeting process that requires managers to prepare budgets from a zero base.


  5. Gaming the performance measureA result on non-value-adding actions taken by managers to improve indicated performance.


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