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1 A budget is a. a quantitative expression of a plan d. an aid to control b. an aid to planning e. all of the above c. an aid to coordination 2 A master budget contains all of the following budget, except a. Sales budget d. Estimation of competitor activity b. Production budget e. Finance budget c.Distribution budget 3 Which of the following is usually percieved as being budget's greatest advantage to management? a.Performance analysis c. increased coordiantrion b. Increased communication d. Required planning 4 Organization have various names for budgets that have been estimated into the future. Profit planning is one of those term. Another term for budgeted financial statement is a. Inflation-adjusted budgets c. Sample Budgets b. Pro-forma budgets d. Historical Budgets 5 Which of the following would normally be included in the operating budget of a firm? a.Direct materials budget c. Budgeted balance sheet b. Selling Expense Budget d. Sales Budget 6 Which of the following is not normally included in the financial budget ? a. Capital Budget c. Selling Expense Budget b. Cash Budget d. Budgeted Statement of Change in Owner's equity e. Budgeted Balance Sheet 7 The usual starting point for a masgter budget is a. The production Budget c. The Sales forecast b. The selling epense budget d. The direct materials budget' 8 Zero- base budgeting a. involves the review of changes made to an organization's original budget. b.Does not provide a projection of annual expenditures. c. Is a method peculiar to budgeting by program d.Involves the review of each components from a cost/benefit relationship. e.emphasizs the relationship of effort to projected annual revenues. 9 The basic difference of a master budget and a flexible budget is that a a. A flexible budget considers only variable cost a master budget consider all cost. b. Flexible budget allow management latitude in meeting goals whereas as master budget is based on a fixed standard. c. Master budget is for an entire production facility but a flexible budget applies to a single department only. d. Master budget is based on one specific level of production and flexible budget can prepared for any production level within a relevant range. 10 In estimating the sales volume for a master bydget, which of the following techniques maybe used to improve the estimate? a. Group discussions among management d. Estimating from previous sales volume b. Static analysis including regression analysis e. all of the above c. Econometric studies 11 Capital Budgeting is concerned with a. Decisions affecting only capital intensive industries c. Analysis of long range decision b. Analysis of short brange decision d. Scheduling of ocffice personnel in office building 12 Capital Budgeting is used for the decision analysis of a. Adding or discontinuing new product lines c. Lease or buy decision b. Adding or discontinuing facilities d. None of the above c. Multiple profitable alternatives 13 The time value of money means that a. A peso today is worth more than a pesos in the future. b.The longer one waits for a prso, the more uncertain the receipt is c. a and b d. none of the above 14 Present value is a. The sum of peso-in discounted to time zero c. a and b b. The sum of pesos out discounted to time zero d. None of the above 15 Net present value is a. The sum of discounted cash inflows b. The sum of discounted cash outflows c. .The sum of dicounted cash inflows less the sum of discounted cash outflows d. The sum of discounted cash inflows plus discounted cash outflows. 16 The payback method measures a. How quickly investment peso may be recovered b. The cash flow from investment c. The economic life of an investment d. The profitability of as investment 17 Which of the following is necessary to calculate the payback period for a project? a. Useful life c. Net Present value b. minimum desired rate of return d.Annual cash flow 18 Which of the following capital expenditures planning and control techniques has been critized because it fail to consider investment profitability a. Payback method c. Present value method b. Average return of investment method d. Time adjusted rate of return method 19 An advantage of using the payback method of evaluating capital budgeting alternatives is that payback is a. Precise in estimates of profitability c.Not base on cash flow data b. Easy to apply d. Insensetive to the life of the projec considered 20 Which of the following ratio is(are) useful in assesing a company's ability to meet currently maturing or short term obligation. Acid test Ratio Debt to equity ratio a. No No b. No Yes c. Yes Yes d. Yes No 21 How are trade receivable used in the calculation of each of the following Acid test Ratio Receivable turnover a. Denominator No b. Not used Yes c. Numerator Yes d. Yes No 22 Which of the following ratios measures short term solvency? a. Current RaTIO c. Creditor's equity to total assets B. Age of receivable d. Return on inventories 23 How are each of the following used in the calculation of receivable turnover? Cash Sales Credit Sales a. Not used Numerator b. Not used Denominator c. Numerator Numerator d. Denominator Denominator 24 Which of the following could be determined by using EOQ formula a. Optimum size of productio c.Stock ouit b.Safety Stock d. Order point 25 What capital budgeting method assumes that funds are reivested at the compnay's cost of Capital a.Payback c.Net Present Value b. Accounting rate of return d.Time adjusted rate of return