
budget and budgeting
Quiz
•
Business
•
University
•
Practice Problem
•
Easy
Ruo Lee
Used 3+ times
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22 questions
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1.
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1 min • 1 pt
the act of preparing the budget
2.
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1 min • 1 pt
the use of budgets to control an organization's activity
3.
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1 min • 1 pt
involves developing objectives and preparing various budget to achieve these objectives
4.
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1 min • 1 pt
involves the steps taken by management that attempt to ensure the objectives are attained
5.
OPEN ENDED QUESTION
3 mins • 6 pts
what are the six advantages of budgeting
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Answer explanation
-define goals and objective
-think about and plan for the future
-means of allocating resources
-uncover potential bottlenecks
-coordinate activities
-communicate plans
6.
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1 min • 1 pt
managers should be held responsible for those items-and only those items-that manager can actually control to a significant extent
7.
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1 min • 1 pt
a budget is prepared with the full cooperation and participation of managers at all levels.
= participative budget
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