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5 Written questions

5 Matching questions

  1. Goal congruence
  2. Relative performance contracts
  3. Financial budgets
  4. Operating budgets
  5. Production budget
  1. a Identify sources and uses of funds for budgeted operations and capital expenditures
  2. b Shows planned production for given period.
  3. c Plans for all phases of operations and include production, purchasing, personnel, and marketing budgets.
  4. d Reward managers for performance based on comparison of actual results with specified benchmarks not budgeted targets.
  5. e Consistency between the goals of the firm, its subunits, and its employees.

5 Multiple choice questions

  1. Shows the amount and budgeted cost of direct material required for production
  2. Shows expected sales in units at their expected selling prices.
  3. Provides a constant planning horizon with the use of regularly updated forecasts.
  4. An incentive compensation plan whereby compensation is a function of actual performance compared to a fixed (budgeted) target.
  5. Planned spending on projects and initiatives that lead to long-term value and competetive advantage.

5 True/False questions

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

          

  2. Zero-base budgeting (ZBB)A budgeting process based on activities and cost drivers of operations.

          

  3. Activity-based budgeting (ABB)A budgeting process that requires managers to prepare budgets from a zero base.

          

  4. Budgetary slackThe "cushion" managers intentionally build into budgets to help ensure success in meeting the budget.

          

  5. BudgetingThe process of projecting continuing operations and projects and then reflecting their financial impact.