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Budgeting and Management Processes Quiz

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Questions and Answers

Which type of budget adjusts for changes in activity levels?

Static budget

Cash budget

Master budget

Flexible budget (correct)

What is the purpose of the direct materials purchases budget?

Estimate factory overhead cost

Estimate selling and administrative expenses

Estimate quantities of direct materials to be purchased (correct)

Estimate direct labour hours

Which budget reflects the expected receipts and payments of cash?

Sales budget

Cash budget (correct)

Capital Expenditures Budget

Budget Production

What is the formula for Budget Production based on the text?

Projected Sales + Desired Ending Inventory + Beginning Inventory Signup and view all the answers

Which budgets are integrated to prepare the cost of goods sold budget?

Direct material purchases budget, Direct labour cost budget, Factory overhead cost budget Signup and view all the answers

Which element is a major component of the income statement budget?

Sales budget Signup and view all the answers

What are the four management processes that budgeting affects?

Strategic planning, Measurement, Evaluation, Control Signup and view all the answers

In what situations can human behavior arise in the budgeting process?

When budget goals are too challenging or too easy to achieve Signup and view all the answers

What is the purpose of creating budgetary slack within a budget?

To provide for unexpected events or circumstances Signup and view all the answers

What is zero-based budgeting?

A method that requires estimating data as though starting operations anew Signup and view all the answers

What is participating budgeting?

An approach where employees work with supervisors to set goals and metrics Signup and view all the answers

What distinguishes continuous budgeting from incremental budgeting?

Continuous budgeting maintains a projection into the future, while incremental starts from last year's budget Signup and view all the answers

Budgeting and Management Processes Quiz

Choose a study mode

Podcast

Questions and Answers

Which type of budget adjusts for changes in activity levels?

What is the purpose of the direct materials purchases budget?

Which budget reflects the expected receipts and payments of cash?

What is the formula for Budget Production based on the text?

Which budgets are integrated to prepare the cost of goods sold budget?

Which element is a major component of the income statement budget?

What are the four management processes that budgeting affects?

In what situations can human behavior arise in the budgeting process?

What is the purpose of creating budgetary slack within a budget?

What is zero-based budgeting?

What is participating budgeting?

What distinguishes continuous budgeting from incremental budgeting?

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