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5 Written questions

5 Matching questions

  1. Long-range plans
  2. Relative performance contracts
  3. Kaizen budgeting
  4. Rolling financial forecast
  5. Cash budget
  1. a Provides a constant planning horizon with the use of regularly updated forecasts.
  2. b Identifies required actions over a 5 to 10 year period to attain the firm's strategic goal(s).
  3. c Depicts effects on cash of all budgeted activities.
  4. d Reward managers for performance based on comparison of actual results with specified benchmarks not budgeted targets.
  5. e A budgeting approach that incorporates continuous improvement expectations in the budget.

5 Multiple choice questions

  1. The "cushion" managers intentionally build into budgets to help ensure success in meeting the budget.
  2. Plans for all phases of operations and include production, purchasing, personnel, and marketing budgets.
  3. An incentive compensation plan whereby compensation is a function of actual performance compared to a fixed (budgeted) target.
  4. Shows the amount and budgeted cost of direct material required for production
  5. Shows the physical amount and cost of planned purchases of direct materials.

5 True/False questions

  1. Master budgetAn organization's operating and financing plan for the upcoming period; it translates short-term objectives into action steps

          

  2. BudgetThe process of projecting continuing operations and projects and then reflecting their financial impact.

          

  3. Production budgetDepicts effects on cash of all budgeted activities.

          

  4. Practical capacityPlans for all phases of operations and include production, purchasing, personnel, and marketing budgets.

          

  5. Capital budgetingA budgeting approach that incorporates continuous improvement expectations in the budget.

          

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