1. The cash budget is usually prepared after the budgeted income statement. 2. Self-imposed budgets prepared by lower-level managers should be scrutinized by higher levels of management. 3. Budgets are used to plan and to control operations. 4. Which of the following is NOT an objective of the budgeting process? A. To communicate management's plans throughout the entire organization. B. To provide a means of allocating resources to those parts of the organization where they can be used most effectively. C. To ensure that the company continues to grow. D. To uncover potential bottlenecks before they occur 5. When preparing a production budget, the required production equals: A. budgeted sales+beginning inventory+ desired ending inventory. B. budgeted sales-beginning inventory+ desired ending inventory. C. budgeted sales-beginning inventory-desired ending inventory D. budgeted sales+ beginning inventory-desired ending inventory 6. The wRT Corporation makes collections on sales according to the following schedule: 25% in month of sale; 65% in month following sale; 5% in second month following sale; 5% uncollectible. The following sales have been budgeted April... June Sales $120,000 $100,000 $110,000 Budgeted cash collections in June would be: A. $27,500 B. $98,500 C. $71,000 D. $115,500