QUESTION 40 The Restaurant has budgeted revenues of $1,080,000 for the month of August. The warm weather and clear skies helped the operation to generate $1,260,000 in revenues. What are the absolute variance and the relative variance? $180,000 and 14.3%. O 14.3% and $180,000. $180,000 and approximately 16.7%. Approximately 16.7% and $180,000. Cannot be determined from the information given above. QUESTION 41 The first step in the operational budget process is for the Board of Directors to establish the? Net income forecasts. Revenue forecasts. Expense forecasts. O Financial objectives for the operation. QUESTION 42 If The Inn budgeted to sell 2,000 rooms during a seven-day period and actually sold 2,000 rooms during the seven-day period, then the is zero. O Budget variance O Volume variance. O Price variance Labor cost percentage. QUESTION 43 The textbook stated the majority of multi-unit hospitality companies use which of the following approaches to preparing operations budgets? O Bottom-up approach. Top-down approach O A combination of top-down and bottom-up approaches. O None of the above