A/an ______ budget challenges employees to achieve a target that is higher than predicted.
Answer
Correct Answer:
Stretch
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A ______ resource is a resource that is limited in amount.
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Correct Answer:
Constrained
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Which formula expresses net profit?
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Correct Answer:
Revenue – expenses = net profit
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______ costs are considered irrelevant costs.
Answer
Correct Answer:
Sunk
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A special order is a/an ______.
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Correct Answer:
One-time customer order
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______ refers to how well managers use budgets to monitor and control operations and costs.
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Correct Answer:
Top-level accounting
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Income statements are also known as ______ or operating statements.
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Correct Answer:
Profit and loss
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The deliberate under-estimation of revenue or exaggeration of expenses is known as ______.
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Correct Answer:
Budgetary slack
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Good budgets must account for ______ and controlling.
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Correct Answer:
Planning
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______ are summary accounting reports showing the financial condition of the business to interested parties in an organization.
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Correct Answer:
Financial statements
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______ objectives are a reference to the portion of a financial report that shows net profit or loss.
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Correct Answer:
Bottom line
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What type of budget serves as a summary for all sub-budgets?
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Correct Answer:
Master budget
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A cost center in an organization spends money while a/an ______ center makes money.
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Correct Answer:
Revenue
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The first step in stakeholder management for an organization is stakeholder ______.
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Correct Answer:
Prioritization
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The four most common types of budgets used by companies are incremental, activity-based, value proposition, and ______ statements.
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Correct Answer:
Zero-based
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A ______ control is instituted to address a situation or event that has occurred in the past.
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Correct Answer:
feedback
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Mario is a product manager who helps maintain his firm’s ______ by making sure that all projects stay on budget.
Answer
Correct Answer:
operational control
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______ is one key managerial function that allows managers to check their processes for errors and make necessary corrections.
Answer
Correct Answer:
Organizational control
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Which assessment would you recommend for a company that wants to ensure that the current and future needs of customers are being met?
Answer
Correct Answer:
customer satisfaction
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Lilly uses Excel a lot in her current role because she prefers to use standard Excel functionality that anyone can use. This type of data is ______ because all Excel files follow the same model and can be easily analyzed.
Answer
Correct Answer:
structured
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What type of budget serves as a summary for all sub-budgets?
Answer
Correct Answer:
master budget
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______ costs are considered irrelevant costs.
Answer
Correct Answer:
Sunk
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______ are summary accounting reports showing the financial condition of the business to interested parties in an organization.
Answer
Correct Answer:
Financial statements
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The four most common types of budgets used by companies are incremental, activity-based, value proposition, and ______ statements.
Answer
Correct Answer:
zero-based
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A budget that is built from zero, rather than through incremental adjustments is known as ______?
Answer
Correct Answer:
Zero-Based Budget
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A Value Proposition budgeting process that is centered around ensuring that everything included in the budget delivers value for the business, cutting necessary expenditures in the process.?
Answer
Correct Answer:
False
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A target budgeting process that matches minor expenditures to a company’s goals.
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Correct Answer:
False
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A Supplemental budget that allocates funds for budget areas captured in the regular budget.?
Answer
Correct Answer:
False
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Costs that should not influence future financial decisions is known as?
Answer
Correct Answer:
Sunk costs
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A stretch budget based on sales and marketing forecasts that are less than estimates.?
Answer
Correct Answer:
False
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A Strategic budget that integrates strategic planning and_______ control.
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Correct Answer:
Budgeting
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A ____budget that does not change or flex for increases or decreases in volume.?
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Correct Answer:
Static
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________Prioritization Management’s ethical decision about which stakeholders to focus on and in which order.?
Answer
Correct Answer:
Stakeholder
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One-time special customer order, often involving a large____ and a low price.?
Answer
Correct Answer:
Quantity
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Rolling (Continuous) Budget Involves _________ extending the existing budget model at set periods of time.
Answer
Correct Answer:
Incrementally
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A unit that makes money is known as ?
Answer
Correct Answer:
Revenue Centers
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A _______ system that involves identifying entities responsible for decision-making within an organization and learning about their objectives, developing performance measurement schemes, and preparing and analyzing performance reports of decision-makers.?
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Correct Answer:
Responsibility Accounting
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A budget designed for a specific activity or program is known as ?
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Correct Answer:
Program Budget
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Profit and Loss Statement (P&L) is ?
Answer
Correct Answer:
See income statement
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Anticipating future needs and conditions is known as?
Answer
Correct Answer:
Planning
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The Opportunity Cost value of the next-lowest-valued alternative use of that resource.?
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Correct Answer:
False
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Operating Statement is ?
Answer
Correct Answer:
See income statement
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The costs for merchandise or services produced is known as ?
Answer
Correct Answer:
Operating Budget
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Master Budget is an individual financial and operating plan for a forthcoming calendar or fiscal year.
Answer
Correct Answer:
false
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A Incremental budget that uses a previous month's actual figures and adds or subtracts a percentage to obtain the current year’s budget.?
Answer
Correct Answer:
False
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___________ is also known as an operating statement or profit and loss (P&L); a summary of management’s performance as reflected in the profitability (or lack thereof) over a certain period.?
Answer
Correct Answer:
Income Statement
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Flexible budget is a series of budgets prepared for various levels of _____ ?
Answer
Correct Answer:
All of the above
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Fixed organizational expenses are?
Answer
Correct Answer:
Both a and b
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Fixed Organizational expenses are unchanged and repetitive expenses.
Answer
Correct Answer:
True
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Financial Statements are summary of accounting reports, prepared periodically to inform the _____and other interested parties as to the financial condition of a business.
Answer
Correct Answer:
All of the above
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A budget that examines the expected _____ equity of the business.
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Correct Answer:
All of the mentioned
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Money spent on something is called?
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Correct Answer:
Expenses
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Cost of goods sold is the production costs for products _____ and resold by the company.
Answer
Correct Answer:
All of the above
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A unit that spends money is called?
Answer
Correct Answer:
Cost Centers
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In Controlling the process of management _____ the likelihood that objectives are attained and that all parts of an organization are working together toward that goal.
Answer
Correct Answer:
Increase
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A resource available in unlimited quantities is known as Constrained Resources.
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Correct Answer:
False
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Competitive advantage is a condition that allows a company to maintain a more profitable position in the market than other companies.
Answer
Correct Answer:
True
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Cash Budget is an estimation of the cash _____ for a business over a specific period of time.
Answer
Correct Answer:
Both a and b
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Capital expenditure budget is a formal plan that states the _____ of fixed asset purchases by an organization.
Answer
Correct Answer:
Both a and b
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Which one of the statements is correct to accomplish the budgetary slack?
Answer
Correct Answer:
Underestimation of budgeted revenue
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Budgetary control is also known as Cash budget.
Answer
Correct Answer:
False
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Budget Gaming is the deliberate estimation of budgeted revenue or estimation of budgeted expenses.
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Correct Answer:
False
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Budget control is the extent to which budgets are used to _____ in a given accounting period.
Answer
Correct Answer:
All of the above
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A contingency plan with costs projected at _____ levels than the base amount, providing a clear picture of what will occur should forecasts not be achieved is called Bracket Budget.
Answer
Correct Answer:
Both a and b
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Bottom line is a line at the bottom of a financial report that shows the _____.
Answer
Correct Answer:
Both a and b
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A budget based on a previous year’s budget, adjusted for current information is known as ?
Answer
Correct Answer:
Add On Budget
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A budget that estimates costs for _____ activities is known as Actively Based Budget.
Answer
Correct Answer:
Individual
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