Question 7 1 pts As you begin to prepare your unit's budget, your manager reminds you to be aware of the "scope" of your budget. What does "scope" of a budget imply? The context of the proposed budget: the three to five goals that the budget you are going to prepare aims to achieve The part of the company the budget is supposed to cover and the level of detail it should include O Whether the budget includes revenues and profits as well as the operating costs of your unit Question 8 1 pts When you're preparing a cost/benefit analysis, ROI and payback period analyses can help you compare and communicate the merits of different options. What, however, is the drawback to both analytic methods? O Both ROI and payback period analyses ignore the time value of money. O ROI and payback period analyses do not take into account how long it will take for the investment to break even. O ROI and payback period analyses can only be used to evaluate potential capital investments, not other types of new business opportunities. Question 9 1 pts Your company is considering making an investment that could enable your division to sell more units of the Gargoyle tracking software introduced last year. Your manager has asked you to determine how likely it is that this investment will be recouped. What analytical method might give you this information? O Sensitivity analysis O Breakeven analysis Internal rate of return analysis (IRR) Question 10 1 pts To track your budget, you carry out 3 steps on a monthly basis. Step 2 is missing in the list below; what is it? Step 1. Assess monthly revenue performance versus budget. Step 2. Step 3. Determine whether-and if so, how-your bottom line will be affected by any variances. Assess monthly expense performance versus budget O Assess monthly expense performance versus revenue performance for that same month O Compare monthly revenue performance with projected quarterly revenue performance