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BUS 202

Chapter 21 quiz

QuestionAnswer
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
Created by: cammccarty
 

 



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