$1.$ Which of the following is not a benefit of budgeting?

A$.$ Benchmarking

B$.$ Allocation

C$.$ Coordination

D$.$ Planning

$2.$ Which of the following is a long$-$term financial plan used to coordinate the activities needed to achieve long$-$term company goals?

A$.$ Capital expenditures budget

B$.$ Selling and administrative budget

C$.$ Strategic budget

D$.$ Operational budget

$3.$ A sporting goods store purchased $$7,000$ of ski boots in October. The store had

$$3,000$ of ski boots in inventory at the beginning of October, and it expects to

have $$2,000$ of ski boots in inventory at the end of October to cover part of

anticipated November sales. What is the budgeted cost of goods sold for

October?

A$.$ $$5,000$

B$.$ $$6,000$

C$.$ $$8,000$

D$.$ $$10,000$

$4.$ The master budget process usually begins with the

A$.$ sales budget.

B$.$ cash budget.

C$.$ budgeted income statement.

D$.$ capital expenditures budget.

$5.$ Which of the following is a budget prepared for various levels of sales volume?

A$.$ Master budget

B$.$ Flexible budget

C$.$ Strategic budget

D$.$ Static budget

$6.$ Which of the following would not be used in preparing a cash budget for October?

A$.$ Beginning cash balance on October $1$

B$.$ Budgeted capital equipment purchases for October

C$.$ Budgeted salaries expense for October

D$.$ Estimated depreciation expense for October