BUDGETING

BUDGETING

12th Grade

45 Qs

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BUDGETING

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Assessment

Quiz

Other

12th Grade

Practice Problem

Easy

Created by

Kerina Kalipersad

Used 2+ times

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45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is a budget?

A summary of the previous year's goals and objectives

A detailed record of past financial performance

A plan for the future expressed in financial terms

A list of an organization’s expenses and income

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which of the following is NOT a purpose of budgeting?

To assist management with planning functions

To allocate resources effectively

To provide an early warning system for potential problems

To discourage communication within the organization

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Budgeting helps management by providing:

Authority for action and benchmarks for comparison

Financial reports for past activities

A decentralized approach to decision-making

Unlimited resources to achieve goals

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is a key characteristic of the Top-down Approach to budgeting?

It is the most motivating budgeting approach

Lower-level employees are not involved in budgeting decisions

Employees at all levels participate in budget preparation

It fosters a sense of ownership among employees

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which approach to budgeting involves multi-dimensional communication and motivates lower-level staff?

Imposed Budgeting

Flexible Budgeting

Top-down Approach

Bottom-up Approach

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Which type of budget remains unchanged regardless of activity levels?

Static Budget

Operating Budget

Participative Budget

Flexible Budget

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

A budget prepared for a range of activity levels is known as a:

Fixed Budget

Flexible Budget

Static Budget

Capital Budget

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