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Flexible Budgeting: Advantages & Explanation

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is flexible budgeting?

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1. How is a flexible budget developed?

2. Why might a static budget give inaccurate results?

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About This Quiz & Worksheet

Checking out how a business can try to best plan for the future, this quiz and corresponding worksheet will help you gauge your knowledge of flexible budgeting. Topics you'll need to know to pass the quiz include understanding the definition of flexible budgeting as well as knowing how the budget is developed.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Definition of flexible budgeting
  • How the budget is developed
  • Advantages of a flexible budget
  • Characteristics of costs in a static budget
  • Nature of costs in a flexible budget

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Distinguishing Differences - compare and contrast topics from the lesson, such as costs with a flexible budget and a static budget
  • Interpreting information - verify you can read information regarding how the budget is developed and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the definition of flexible budgeting

Additional Learning

To learn more about why a business might want to go with this type of budget, review the corresponding lesson Flexible Budgeting: Advantages & Explanation. This lesson will help you:

  • Define what flexible budgeting is
  • Understand what a company compares throughout the year
  • Appreciate the similarities and differences between flexible and static budgeting
  • Describe how to prepare a flexible budget
  • Identify the advantages of using a flexible budget
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