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5 Written questions

5 Matching questions

  1. Fixed performance contract
  2. Sales budget
  3. Relative performance contracts
  4. Master budget
  5. Budget
  1. a Shows expected sales in units at their expected selling prices.
  2. b Reward managers for performance based on comparison of actual results with specified benchmarks not budgeted targets.
  3. c An organization's operating and financing plan for the upcoming period; it translates short-term objectives into action steps
  4. d An incentive compensation plan whereby compensation is a function of actual performance compared to a fixed (budgeted) target.
  5. e A detailed plan for the acquisition and use of financial and other resources over specified period of time - typically a fiscal year.

5 Multiple choice questions

  1. Consistency between the goals of the firm, its subunits, and its employees.
  2. A budgeting process that requires managers to prepare budgets from a zero base.
  3. Shows planned production for given period.
  4. A result on non-value-adding actions taken by managers to improve indicated performance.
  5. A budgeting process based on activities and cost drivers of operations.

5 True/False questions

  1. Kaizen budgetingA process for evaluating, selecting, and financing long-term projects

          

  2. Capital budgetingA process for evaluating, selecting, and financing long-term projects

          

  3. BudgetingA detailed plan for the acquisition and use of financial and other resources over specified period of time - typically a fiscal year.

          

  4. Long-range plansThe "cushion" managers intentionally build into budgets to help ensure success in meeting the budget.

          

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