

Budgeting Concepts and Variances
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Easy
C Hawke-Jones
Used 1+ times
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10 questions
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1.
FLASHCARD QUESTION
Front
What is budgeting?
Back
Financial plans for the future over a given period of time that describes the expected levels of expenditure and revenues.
2.
FLASHCARD QUESTION
Front
What do sales revenue budgets include?
Back
Planned revenue from selling products, expected level of sales, and likely selling price of the product.
3.
FLASHCARD QUESTION
Front
What do expenditure budgets include?
Back
Planned expenditure on labour, raw materials, fuel, and other items essential for production.
4.
FLASHCARD QUESTION
Front
What is zero budgeting?
Back
Involves managers starting with a clean sheet and justifying all expenditure made.
5.
FLASHCARD QUESTION
Front
List some benefits of zero budgeting.
Back
Improves control, helps with allocation of resources, limits budget increases without justification, reduces unnecessary costs, motivates managers to explore alternatives.
6.
FLASHCARD QUESTION
Front
What are the advantages of budgeting?
Back
Controls income and expenditure, regulates spending, highlights losses, allows corrective action, enables delegation, improves communication, provides clear targets, and can motivate staff.
7.
FLASHCARD QUESTION
Front
What are the limitations of budgeting?
Back
Time-consuming, can demotivate if targets are imposed, loses significance if actuals differ greatly, inflexibility can miss opportunities, poorly constructed budgets lead to poor decisions.
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