Budgeting Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. The cash budget is part of which main category of the master budget?

Question 2 2. What happens in a top-down organization with respect to budgeting?

Question 3 3. Which of these shows how to calculate direct labor cost?

Question 4 4. Does overhead allocation need to be factored in to the cost of each item?

Question 5 5. How does HR make use of the direct labor budget?

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Question 6 6. Is overhead cost categorized as fixed or variable?

Question 7 7. From which report is the total number of units required taken?

Question 8 8. The thermostat setting for your sandwich trailer can be categorized as which of these?

Question 9 9. What is a budget?

Question 10 10. What happens if a budget is inaccurate?

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Question 11 11. Marie's Marvelous Cakes isn't selling many of the different items in their bakery. How can a budget help?

Question 12 12. What is an operating budget?

Question 13 13. In general, which of the following budgets is based upon other budgets and created last?

Question 14 14. What is factored into the overhead budget?

Question 15 15. Operating budgets do NOT contain of which of the following?

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Question 16 16. What do operating budgets show?

Question 17 17. Which of these is an example of an overhead cost?

Question 18 18. Carol was asked by her boss to develop a master budget for the company she works for, ''The Big Spoon.'' She doesn't know where to start with this project. Which budget would you suggest she start with, and why?

Question 19 19. Which of these is a profit center?

Question 20 20. Why are creating estimated budgets important to a business?

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Question 21 21. Which one of the following categories is NOT part of the master budget?

Question 22 22. What is the objective of a profit center?

Question 23 23. Which of these does NOT feature work from the direct labor budget?

Question 24 24. Which of these is a cost center?

Question 25 25. How can a budget help a frozen pizza company?

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Question 26 26. How does a budget help with planning within a specific company?

Question 27 27. What types of budgets are operational budgets?

Question 28 28. Which of these is NOT a factor in the direct labor budget?

Question 29 29. What is one of the uses of operating budgets?

Question 30 30. What is the objective of a cost center?

Budgeting Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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