Exam 3 VI Name Hussain Aimus ala MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. I) A formal statement of future plans, usually expressed in monetary terms, is a: 1) A) Budget. B) Prospectus. C) Variance report. D) Position statement. E) Variance analysis. 2) Budgets that are periodically revised and have new periods added to replace those that2) have lapsed are called: A) Production budgets. B) Capital expenditures budgets. C) Cash budgets. D) Rolling budgets. E) Sales budgets 3) The most useful budget tigures are developed: 3 A) From the "bottom-up" following a participatory process. B) From the "top-down'" C) After the accounting period has begun. D) By the CEO E) By the budget committee 4) The usual budget period for most companies is: 4) A) An annual period separated into quarterly and monthly budgets. B) A monthly period separated into daily budgets C) A quarterly period separated into weekly budgets. D) An annual period of 250 working days. E) An annual period separated into weekly budgets. 5) Assuming a bottom-up process of budget development, which of the following should 5) be initially responsible for developing sales estimates? A) The marketing department. B) The budget committee. C) Top management. D) The sales department. E) The accounting department