PFM8 - Reporting System Quiz

What does budget reporting primarily show?

• Total liabilities incurred

• Total assets owned

• Total expenses spent

• Total revenue generated

Which of the following is NOT a component of budget reporting?

• Assess Current Financial Status

• Compare Actual Spending with the Budget

• Calculate Variance

• Identify Future Investments

What is a key consideration in reporting a budget?

• Timeliness

• Profit Maximization

• Market Analysis

• Customer Satisfaction

Which tool is mentioned for budget reporting?

• Social Media Analytics

• Spreadsheet Software

• Website Traffic Analysis

• Email Marketing Tools

What does budget reporting compare?

• Sales against forecasts

• Expenses against the budget set

• Revenue against expenses

• Assets against liabilities

Who are the users of budget reports?

• Only External Users

• Only Internal Users

• Both Internal and External Users

• Only Management

What does identifying reasons for variance help with?

• Improving sales strategies

• Understanding market trends

• Enhancing budget accuracy

• Reducing employee turnover

What is one benefit of budget reporting?

• Reduces operational costs

• Establishes accountability

• Increases employee salaries

• Improves customer service

What type of costs are included in a budget report?

• Only Cash Flow

• Both Fixed and Variable Costs

• Only Variable Costs

• Only Fixed Costs

What does budget reporting help to monitor?

• Customer Feedback

• Employee Performance

• Market Share

• Financial Performance