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BUS 202
Chapter 21 quiz
Question | Answer |
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Budget | A formal written statement of management's plans for a specified future time period, expressed in financial terms |
Budget | A formal written statement of management's plans for a specified future time period, expressed in financial terms |
Budget committee | A group responsible for coordinating the preparation of the budget |
Budget committee | A group responsible for coordinating the preparation of the budget |
Budgetary slack | The amount by which a manager intentionally underestimated budgeted revenues or overestimates budgeted expenses in order to make it easier to achieve budgetary goals. |
Budgetary slack | The amount by which a manager intentionally underestimated budgeted revenues or overestimates budgeted expenses in order to make it easier to achieve budgetary goals. |
budgeted balance sheet | A projection of financial position at the end of the budget period |
budgeted balance sheet | A projection of financial position at the end of the budget period |
Budgeted income statement | An estimate of the expected profitability of operations for the budget period |
Budgeted income statement | An estimate of the expected profitability of operations for the budget period |
cash budget | A projection of anticipated cash flows |
direct labor budget | A projection of the quantity and cost of direct labor necessary to meet production requirements |
Direct materials budget | An estimate of the quantity and cost of direct materials to be purchased |
Financial budgets | Individual budgets that focus primarily on the cash resources needed to fund expected operations and planned capital expenditures |
long-range planning | A formalized process of identifying long-term goals, selecting strategies to achieve those goals, and developing policies and plans to implement the strategies |
Manufacturing overhead budget | An estimate of expected manufacturing overhead costs for the budget period |
Master budget | A set of interrelated budgets that constitutes a plan of action for a specific time period |
Merchandise purchases budget | The estimated cost of goods to be purchased by a merchandiser to meet expected sales. |
operating budgets | Individual budgets that result in a budgeted income statement |
Participative budgeting | a budgetary approach that starts with input from lower level managers and works upward so that managers at all levels participate |
Production budget | A projection of the units that must be produced to meet anticipated sales |
sales budget | An estimate of expected sales revenue for the budget period |
sales forecast | The projection of potential sales for the industry and the company's expected share of such sales. |
selling and administrated expense budget | A projection of anticipated selling and administrative expenses for the budget period |