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BUS 202
Chapter 21 quiz
| Question | Answer |
|---|---|
| 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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