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3.5.2 Setting Budgets

Authored by James Hannaford

Social Studies

Professional Development

 3.5.2 Setting Budgets
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a budget primarily used for in a business context?

To forecast future earnings and spending

To hire new employees

To design marketing campaigns

To set product prices

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of budget predicts the total costs for a business, including both fixed and variable costs?

Income budget

Expenditure budget

Profit budget

Marketing budget

3.

OPEN ENDED QUESTION

3 mins • 1 pt

What does the profit budget use to calculate the expected profit or loss for the year?

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4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is responsible for spending or generating the money for each budget in a business?

Budget holders

Marketing team

Sales department

Financial advisors

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of variance analysis in the budget setting process?

To predict future sales

To check performance against the budget

To allocate resources to departments

To set marketing objectives

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a benefit of budgeting?

It can cause resentment and rivalry

It helps to achieve targets

It is time-consuming

It can be restrictive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a drawback of budgeting?

It helps control income and expenditure

It allows departments to coordinate spending

It can be restrictive

It helps managers to review their activities

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