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ADM-Practice Final Exam

Total questions: 30

Worksheet time: 8hrs 30mins

Name
Class
Date
1.
Which of the following best describes a budget?
a)
A historical record of financial transactions
b)
A projection of future financial performance
c)
A summary of past financial performance
d)
A detailed report of current financial standing
2.
What is a benefit of budgeting?
a)
It allows for more accurate financial reporting
b)
It helps to identify potential financial problems early
c)
It reduces the need for financial analysis
d)
It provides a guarantee of financial success
3.
What is the budgeting process?
a)
A one-time event at the beginning of each fiscal year
b)
A continuous process that involves planning, implementation, and evaluation
c)
A process that is only relevant to large organizations
d)
A process that involves only the finance department
4.
What is a cash budget?
a)
A budget that projects cash inflows and outflows for a specific period
b)
A budget that projects only cash inflows for a specific period
c)
A budget that projects only cash outflows for a specific period
d)
A budget that projects only long-term investments
5.
What items should be included in a cash budget?
a)
All cash inflows and outflows for the budget period
b)
Only cash inflows that are expected to occur
c)
Only cash outflows that are expected to occur
d)
Only cash inflows and outflows that are significant
6.
What is strategic planning?
a)
A process of setting long-term goals and objectives for an organization
b)
A process of creating a detailed budget for the coming year
c)
A process of evaluating the financial performance of an organization
d)
A process of forecasting short-term cash flows
7.
Which of the following is NOT a benefit of budgeting?
a)
It helps to identify potential financial problems early
b)
It provides a basis for performance evaluation
c)
It assists in resource allocation and decision making
d)
It guarantees success in achieving financial goals
8.
How can a company improve its cash inflow?
a)
By increasing accounts payable
b)
By offering longer payment terms to customers
c)
By reducing inventory levels
d)
By increasing sales revenue
9.
How can a company improve its cash outflow?
a)
By increasing inventory levels
b)
By offering shorter payment terms to customers
c)
By reducing accounts receivable
d)
By negotiating better payment terms with suppliers
10.
What is a benefit of creating a cash budget?
a)
It helps identify potential cash shortfalls
b)
It eliminates the need for financial reporting
c)
It increases the need for external financing
d)
It ensures that all financial obligations are met on time.
11.
Using the following information, Selling Expenses = $50,000 Wages Payable = $5,000 Sales = $500,000 Borrowing Costs = $20,000 Administration Expenses = $70,000 Accounts Receivable = $10,000 Drawings = $4,000 Cost of Goods Sold = $100,000 What is the total gross profit of the company based on the given information?
a)
$330,000
b)
$400,000
c)
$420,000
d)
$480,000
12.

Using the following information, Selling Expenses = $50,000 Wages Payable = $5,000 Sales = $500,000 Borrowing Costs = $20,000 Administration Expenses = $70,000 Accounts Receivable = $10,000 Drawings = $4,000

What is the total expense of the company based on the given information?

a)
$140,000
b)
$145,000
c)
$195,000
d)
$245,000
13.
Using the following information, Selling Expenses = $50,000 Wages Payable = $5,000 Sales = $500,000 Borrowing Costs = $20,000 Administration Expenses = $70,000 Accounts Receivable = $10,000 Drawings = $4,000 Cost of Goods Sold = $100,000 What is the net profit of the company based on the given information?
a)
$190,000
b)
$170,000
c)
$210,000
d)
$260,000
14.
Sales Revenue was budgeted at $500,000 but the actual amount is $300,000. The variance would be:
a)
40% favorable
b)
40% unfavorable
c)
60% favorable
d)
60% unfavorable
15.
Operating Expenses were budgeted for $200,000 but the actual amount was $120,000. what is variance percentage?
a)
40% favorable
b)
40% unfavorable
c)
60% favorable
d)
60% unfavorable
16.
What is a performance report?
a)
A report that highlights areas where a company has performed well
b)
A report that identifies areas where a company has underperformed
c)
A report that shows the company's overall financial position
d)
A report that details the company's marketing strategy
17.
What is a responsibility center?
a)
A department that is responsible for managing the company's finances
b)
A center that is responsible for implementing the company's marketing strategy
c)
A investment center that is responsible for controlling costs
d)
A profit center that is responsible for generating revenue
18.
What is a mixed cost?
a)
A cost that remains constant regardless of changes in activity level
b)
A cost that changes proportionally with changes in activity level
c)
A cost that is partially fixed and partially variable
d)
A cost that is incurred only in the short term
19.
What is the intersection point in a CVP graph?
a)
The point where total cost equals total revenue
b)
The point where fixed cost equals variable cost
c)
The point where the slope of the revenue line equals the slope of the cost line
d)
The point where the marginal revenue equals the marginal cost
20.
What is the area to the right of the CVP graph?
a)
Profit area
b)
Break even point
c)
Loss area
d)
Cost area
21.
What is the relevant range in CVP analysis?
a)
The range of activity levels where total costs remain constant
b)
The range of activity levels where fixed costs remain constant
c)
The range of activity levels where variable costs remain constant
d)
The range of activity levels where the contribution margin per unit remains constant
22.
What is capital gain?
a)
The amount of money a company earns from its investments
b)
The profit made on the sale of a capital asset
c)
The difference between a company's assets and liabilities
d)
The amount of money a company owes to its creditors
23.
What is assessable income?
a)
Investment revenue more than Investment Expense
b)
Investment revenue less than Investment Expense
c)
Different of the purchase price and selling price of investment
d)
Income earned from overseas sources
24.
What is franked dividend?
a)
A dividend paid out of after-tax profits that can be offset against a shareholder's tax liability
b)
A dividend paid in shares rather than in cash
c)
A dividend paid to preferred shareholders before common shareholders
d)
A dividend paid to employees in the form of additional compensation
25.

Selling Price per $40,

cost of materials $5 per unit,

rent $20,000,

cost of labour per unit $20,

salaries $40,000.

Total production is 20,000 unit

 

Calculate the total cost of production

a)

$800,000

b)

 $450,000

c)

$300,000

d)

$560,000

26.

Selling Price per $40,

cost of materials $5 per unit,

rent $20,000,

cost of labour per unit $20,

salaries $40,000.

Total production is 20,000 unit

 

Calculate the total variable cost as a percentage of Sales Revenue

a)

62.50%

b)

87.50%

c)

45.00%

d)

33.33%

27.

Selling Price per $40,

cost of materials $5 per unit,

rent $20,000,

cost of labour per unit $20,

salaries $40,000.

Total production is 20,000 unit

 

Calculate the contribution margin per unit:

a)

$5

b)

$15

c)

$20

d)

$35

28.

Selling Price per $40,

cost of materials $5 per unit,

rent $20,000,

cost of labour per unit $20,

salaries $40,000.

Total production is 20,000 unit

 

Calculate the break-even point in units:

a)

1,500 units

b)

2,000 units

c)

3,000 units

d)

4,000 units

29.

Selling Price per $40,

cost of materials $5 per unit,

rent $20,000,

cost of labour per unit $20,

salaries $40,000.

Total production is 20,000 unit

 

Calculate the sales volume needed to achieve a target profit after tax of $70,000

a)

3,549 units

b)

6,988 units

c)

9,778 units

d)

10,667 units

30.

If sales price reduce, this will

a)

Decrease fixed cost

b)

Decrease sales unit

c)

Increase variable cost

d)

Decrease contribution margin

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