1.Question :A planning budget based on a single predicted amount of sales or production volume is called a:

1.Question :A planning budget based on a single predicted amount of sales or production volume is called a:

1.Question :A planning budget based on a single predicted amount of sales or production volume is called a:
 
Sales budget.
 
Standard budget.
 
Flexible budget.
 
Fixed budget.
 
Variable budget.
 
 
 
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2.Question :Product A has a sales price of $10 per unit. Based on a 10,000-unit production level, the variable costs are $6 per unit and the fixed costs are $3 per unit. Using a flexible budget for 12,500 units, what is the budgeted operating income from Product A?
 
Student Answer: $12,500.
 
$25,000.
 
$20,000.
 
$30,000.
 
$35,000.
 
 
 
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3.Question :A plan that lists the types and amounts of selling expenses expected during the budget period is called a(n):
 
Student Answer: Sales budget.
 
Operating budget.
 
Capital expenditures budget.
 
Selling expense budget.
 
Purchases budget.
 
 
 
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4.Question :A comprehensive or overall formal plan for a business that includes specific plans for expected sales, the units of product to be produced, the merchandise or materials to be purchased, the expense to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet, is called a:
 
Student Answer: Master budget.
 
Cash budget.
 
Capital expenditures budget.
 
Rolling budget.
 
Production budget.
 
 
 
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5.Question :Which of the following is a benefit derived from budgeting?
 
Student Answer: Budgeting focuses management’s attention on the future.
 
Budgeting provides coordination of departments.
 
Budgeting provides a basis for evaluating performance.
 
Budgeting provides motivation for managers and employees.
 
All of these.
 
 
 
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6.Question :The master budget process usually ends with:
 
Student Answer: The production budget.
 
The sales budget.
 
The selling expense budget.
 
The budgeted balance sheet.
 
The overhead budget.
 
 
 
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