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1 POINT

Choc. Creme. Cruller. Boston Creme. Jelly. Glazed. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 5 POINTS. 5 POINTS.

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1 POINT

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  1. Choc. Creme Cruller Boston Creme Jelly Glazed 1 POINT 1 POINT 1 POINT 1 POINT 1 POINT 2 POINTS 2POINTS 2POINTS 2 POINTS 2 POINTS 3 POINTS 3 POINTS 3 POINTS 3 POINTS 3 POINTS 4 POINTS 4 POINTS 4 POINTS 4 POINTS 4 POINTS 5 POINTS 5 POINTS 5 POINTS 5 POINTS 5 POINTS

  2. 1 POINT This type of budget assumes one level of activity.

  3. What is static?

  4. 2 POINTS This type of budget provides for different activity levels.

  5. What is flexible?

  6. 3 POINTS The drawback of this budget is that it is time consuming, starting from scratch every time it is prepared.

  7. What is zero-based budgeting?

  8. 4 POINTS This is the first step in the budgeting process.

  9. What is goal setting?

  10. 5 POINTS This type of budget’s biggest drawback is that it doesn’t allow for inefficiencies to be examined.

  11. What is incremental budgeting?

  12. 1 POINT This type of budget is used for large scale improvements or purchases.

  13. What is the capital expenditures budget?

  14. 2 POINTS This is the first budget prepared in the master budget.

  15. What is the sales budget?

  16. 3 POINTS After the sales budget, this budget is prepared.

  17. What is the production budget?

  18. 4 POINTS Sales are projected at 30,000 units, your beginning inventory has 4,000 units and you want to have 10,000 units in ending inventory, how many units need to be produced this month?

  19. What is 36000?

  20. 5 POINTS These 3 budgets are directly associated with the production budget.

  21. What are DL, materials and FOH cost budgets? (that’s right – all 3 – no partial points!) :0)

  22. 1 POINT These standards represent the perfect scenario with no inefficiencies.

  23. What are Ideal standards?

  24. 2 POINTS These types of standards allow for regular inefficiencies, wasted material, etc and can be attained with reasonable effort.

  25. What are normal standards?

  26. 3 POINTS Direct materials variances can be further broken down into these two variances.

  27. What is price and quantity variance?

  28. 4 POINTS Direct labor variances can be further broken down into these two variances.

  29. What is rate and time variance?

  30. 5 POINTS Businesses that are broken into individual units where management makes its own decisions as to how to run their unit are called __________.

  31. What is decentralized?

  32. 1 POINT If actual costs are more than standard you have a(n) ___________ variance.

  33. What is unfavorable?

  34. 2 POINTS If your standard labor costs are more than your actual labor costs, you will have a favorable __________ variance.

  35. What is rate?

  36. 3 POINTS An owner making all the decisions for his business is a ____________ operation.

  37. What is centralized?

  38. 4 POINTS In a ________ center, the manager has the responsibility for making revenue and cost decisions.

  39. What is profit center?

  40. 5 POINTS ___________ expenses are costs that can be influenced by the decisions of profit center managers.

  41. What are controllable?

  42. 1 POINT

  43. 2 POINTS

  44. 3 POINTS

  45. 4 POINTS

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