MA - Budgeting

MA - Budgeting

1st Grade

15 Qs

quiz-placeholder

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MA - Budgeting

MA - Budgeting

Assessment

Quiz

Professional Development

1st Grade

Hard

Created by

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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