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Multiple Choice (3pts each) 1. Which of the following are advantages of budgeting? A. It helps management to get out of just doing things the same way and notice what can be improved. B. It helps a company achieve their long-range goals. C. It can be used for performance evaluation. D. It unifies the efforts of various departments in pursuit of company objectives. E. All of the above 2. Hoppy Corporation compares monthly operating results to a static (planned) budget prepared at the beginning of the month. When the actual level of activity is less than budgeted, which of the following would be true for the activity variance? A. Variable costs would show favorable variances. B. Variable costs would show unfavorable variances. C. Fixed costs would show favorable variances. D. Fixed costs would show unfavorable variances. 3. Scotty Clothing manufactures a single style of designer jeans. Production of each pair requires 2 yards of material, which costs $3 per yard, and requires .75 hours of direct labor. Direct labor costs $16 per hour; the variable overhead rate is $4 per direct labor hour; and the fixed overhead rate is $2 per pair of jeans. What is the total standard cost for each pair of designer jeans produced? A. $18 per pair B. \$25 per pair C. \$21 per pair D. \$23 per pair 4. All the following are considered to be benefits of participative budgeting (self-imposed), except for: A. Individuals at all organizational levels are recognized as being part of a team; this results in greater support for the organization. B. The budget estimates are prepared by those in directly involved in activities. C. When managers set their own targets for the budget, top management need not be concerned with the overall profitability of operations. D. Managers are held responsible for reaching their goals and cannot easily shift responsibility by blaming unrealistic goals set by others