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Budgets

Quiz by Montserrat Lázaro

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11 questions
Show answers
  • Q1
    This is the management process of comparing planned and actual costs and revenues, in order to measure and compare the degree of budgetary success.
    Marketing budget
    Variance analysis
    Profit centre
    Budgeting
    30s
  • Q2
    What does the term 'budget variance' refer to in budgeting?
    The total amount of money in a budget
    The process of creating a budget
    The difference between budgeted and actual amounts
    The percentage of income allocated to savings
    30s
  • Q3
    A section or division of a business that has responsibility for both costs and revenues generated within the department. It is held accountable for the amount of profit generated.
    Staffing budget
    Variance
    Cost centre
    Profit centre
    30s
  • Q4
    A section or division of a business that has responsibility for its own operational costs. It is held accountable for its departmental expenditure.
    Profit centre
    Budget
    Cost centre
    Break-even
    30s
  • Q5
    This discrepancy in the budget occurs when profits are higher than expected, due to lower than expected costs and/or higher than predicted revenues.
    Profit
    Adverse variance
    Neutral variance
    Favorable variance
    30s
  • Q6
    Which of the following budgets will impact on the amount of advertising, sponsorship and sales promotion?
    Marketing budget
    Staffing budget
    Sales budget
    Production budget
    30s
  • Q7
    Which term describes a department or unit of a business that incurs costs but is not involved in making any profit?
    Subsidiary
    Strategic business unit
    Profit centre
    Cost centre
    30s
  • Q8
    Which of the following is not applicable to budgeting?
    There are unforeseen changes which can impact on budgeted figures
    It ignores qualitative factors in decision-making
    It hinders planning, monitoring, and reviewing of business activities
    It is less useful for businesses that are highly prone to seasonal fluctuations
    30s
  • Q9
    What is the variance for the following items? (1) Cost of materials: budgeted = $10,000 but actual = $12,500 (2) Cost of labour: budgeted = $3,700 but actual = $3,000 (3) Sales of cakes: budgeted = $25,000 but actual = $23,900
    (1) $2,500 (F), (2) $700 (F) (3) $1,100 (A)
    (1) $2,500 (A), (2) $700 (F) (3) $1,100 (A)
    (1) $2,500 (F), (2) $700 (A) (3) $1,100 (A)
    (1) $2,500 (A), (2) $700 (F) (3) $1,100 (F)
    30s
  • Q10
    Saka Toys had budgeted 300 hours of labour at an hourly rate of $8 for an order to create 3,000 units of output. By the end of the project, the operations manager confirmed Saka Toys required 312 labour hours to produce the 3,000 units. Calculate the variance for Saka Toys' labour costs for this order.
    0
    12
    2,496
    96
    30s
  • Q11
    Which od the following is not a reason why businesses may choose to set up cost centres or profit centres
    To support decision making
    Competition between different departments
    Increasing motivation in the workplace
    Improved accountability
    30s

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