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Which is NOT a component of the master budget? (Points : 3) ;Sales budget
;Capital budget
;Cost of goods sold budget
;Budget to actual variance analysis

2. (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental and activity budgets are the (Points : 3)

;operating budgets.
;master budgets.
;financial budgets.
;continuous budgets.

3. (TCO 5) Which is responsible for directing and coordinating the overall budgeting process? (Points : 3)

;Budget committee
;Budget director
;President
;Treasurer

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4. (TCO 5) Which is a financial budget? (Points : 3)

;Cost of goods sold budget
;Budgeted balance sheet
;Marketing expense budget
;Production budget

5. (TCO 5) A budget that is developed around the actual level of activity is (Points : 3)

;a static budget.
;a continuous budget.
;a flexible budget.
;None of the above

6. (TCO 5) A budget that is developed around one particular level of activity is (Points : 3)

;a static budget.
;a continuous budget.
;an incremental budget.
;None of the above

7. (TCO 5) Volume variances examine differences between (Points : 3)

;the static budget and actual costs.
;the flexible budget and the static budget.
;the static budget and the rolling budget.
;None of the above

8. (TCO 5) The ideal budget system creates (Points : 3)

;extreme caution in managers.
;drive and risk avoidance in managers.
;drive and goal congruence in managers.
;None of the above

9. (TCO 5) Participative budgeting has which potential problem? (Points : 3)

;Building slack into a budget
;Encouraging individual behavior that is in basic conflict with the goals of the organization
;Using budgets as a part of performance evaluations, which could lead to unethical behavior
;Managers taking action that will improve performance in the short run but has long-term consequences

10. (TCO 5) Bored Manufacturing has projected the following.

Units to be produced

2,000

Direct materials

4 pounds at $5

$20

Direct labor

1 hour at $8

$8

Variable overhead

75% of direct labor

Fixed overhead

50% of direct labor

;
Which is the total amount of overhead included in the overhead budget? (Points : 3)

;$12,000
;$8,000
;$30,000
;$20,000

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