A plan that shows the expected cash inflows and cash outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans, is called a(n) cash budget True or False

1. A plan that shows the expected cash inflows and cash outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans, is called a(n): cash budget True or False 2. A plan that lists the types and amounts of selling expenses expected during the budget period is called a(n): Sales Expense Budget True or False 3. As production volume activity increases, variable cost per unit remains constant True or False 4. The margin of safety is the amount that sales can drop before the company incurs a True or False 5. Contribution margin per unit is the amount by which a product's unit selling price exceeds its variable cost per unit. True or False 6. A break-even point can be calculated either in units or in dollars of sales. True or False 7. The break-even point is the sales level at which a company neither earns a profit nor incurs a loss. True or False 8. An important tool in predicting the volume of activity, the costs to be incurred, the sales to be made, and the profit to be earned is: A. Target Income Analysis B. Cost-volume-profit-analysis C. Variance Analysis 9. Wang Co. manufactures and sells a single product that sells for $450 per unit; variable costs are $270. Annual fixed costs are $800,000. Current sales volume is $4,200,000. Compute the break-even point in units. A. 5,500 B. 1,933 C. 4,444 D. 2,900 E. 1,160 10. Direct materials and direct labor costs are debited to the Factory Overhead account in a job costing system. True or False 11. The balance in the Work in Process Inventory at any point in time equals A. The costs for jobs finished during the period but not yet sold