
MA - Budgeting

Quiz
•
Professional Development
•
1st Grade
•
Hard
PFC Education
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What are the main purposes of budgeting?
to give authority to spend
to control expenditure
to aid decision making
(i) only
(i) and (ii) only
(ii) only
(i), (ii) and (iii)
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Who does the budget committee contain?
(i) Purchasing manager
(ii) The chief executive
(iii) Sales manager
(iv) Production manager
(i) and (ii) only
(iii) and (iv) only
(i), (ii) and (iii) only
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
A budget manual will include which of the following?
(i) An organisation chart
(ii) A budget timetable
(iii) Copies of budget forms
(iv) Key assumptions to be used in the budget
(ii), (iii) and (iv)
(ii) and (iv)
(iii) and (iv)
All of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following is NOT a purpose of budgeting?
Planning
Co-ordination
Consultation
Communication
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the formula to calculate the production budget?
Sales budget + opening inventory — closing inventory
Sales budget — opening inventory + closing inventory
Sales budget — opening inventory — closing inventory
Sales budget + opening inventory + closing inventory
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
A process has a normal loss of 10% and budgeted output is 4,500 litres for the period.
Opening inventory of raw material is 600 litres and is expected to increase by 20% by the end
of the period.
What is the material usage budget?
4,500 litres
5,000 litres
5,133 litres
5,120 litres
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the formula to calculate the material usage budget?
Production budget multiplied by the standard material quantity per unit
Sales budget multiplied by the standard material quantity per unit
Production budget less opening inventory plus closing inventory
Production budget plus opening inventory less closing inventory
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