QUIZ

NO	QUESTIONS	ANSWERS
1.	Individual budget schedules are prepared to develop an annual comprehensive or master budget. The budget schedule that would provide the necessary input data for the direct labor budget would be the: Sales forecast Raw material purchases budget Schedule of cash receipts and disbursements Schedule of manufacturing overhead Production budget
2.	Capital budgets are: Prepared for acquisition of capital items Prepared for operational activities Prepared for production activities Only prepared by top level management
3.	The strategic plan of an organization: Provides planning direction for tactical level managers Sets the direction (vision) for an organization Is the basis for organizational budgeting All of the above
4.	Involvement in the budgeting process should: Be restricted to higher level management Include operational people after the process is completed Never include people who are below tactical level management Include management and the people who are responsible for achieving budgets
5.	The balance sheet: Measures the financial performance of an organization States the financial position of an origination Shows the cash flow in an organization Only shows the assets of an organization