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A company identifies the following goals and objectives: Increase sales 10 percent each year. Increase profits 5 percent each year. Increase total plant assets 5 percent each year. Which of the following budgets identifies the overall goals and objectives of an organization? A) strategic plan B) sales budget C) financial planning model D) master budget A manager has several forecasts of sales corresponding to different levels of advertising. The manager decides to implement $1 million of advertising in the next fiscal year. At this level of advertising, the manager uses the ______ in the ________. A) sales goal; sales forecast B) sales forecast; sales budget C) sales budget; sales forecast D) sales forecast; sales goal Important factors used to forecast sales for a company include all of the following items EXCEPT ______. A) layout of production equipment B) changes in product mix C) general economic conditions D) changes in firm's prices Which of the following statements is FALSE about a strategic plan? A) A strategic plan guides day-to-day operations. B) A strategic plan provides an overall framework for a long-range plan. C) A strategic plan does not deal with a specific time period. D) A strategic plan does not produce forecasted financial statements. Which of the following budgets identifies the overall goals and objectives of the organization? A) capital budget B) master budget C) cash budget D) strategic plan The _____ budget focuses on the budgeted income statement and the supporting schedules. A) operating B) purchases and cost of goods sold C) financial D) operating expense Which of the following is NOT a component of the operating budget? A) capital budget B) budgeted income statement C) operating expense budget D) sales budget Which of the following is NOT a component of the operating budget? A) capital budget B) budgeted income statement C) operating expense budget D) purchases and cost of goods sold budget The final output of the operating budget is ________. A) budgeted balance sheet B) budgeted statement of cash flows C) budgeted income statement D) budgeted statement of stockholders' equity