How to Prepare a Budget for a Corporation

Instructions:

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

question 1 of 3

Mark from accounting has prepared a budget that has the salaries of all of the workers, rent and office utilities that are essential to the company, as well as how many products his company expects to sell. Why is this NOT an example of an administration budget?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. A manager has reported that he will have to go a little bit off budget in order to be able to order some more office supplies. How will the accounting of the company respond to that?

2. Which of the following is included in a production budget?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

The quiz/worksheet combo is a tool that can be used to check your knowledge of creating corporate budgets. Some financial terms you will need to be familiar with include variance and production budget.

Quiz & Worksheet Goals

These materials are effective at checking your knowledge of:

  • Meaning of budget
  • Variances
  • Production budgets
  • Sales budgets
  • Administration budgets

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main phrases, such as variances and sales budgets
  • Information recall - access the knowledge you have gained regarding the meaning of the term budget
  • Knowledge application - use your knowledge to answer questions about the different types of budgets

Additional Learning

The lesson called How to Prepare a Budget for a Corporation can help you learn more about this process. Also, you can cover these other topics:

  • Steps involved in planning a budget
  • Characteristics of different types of budgets
  • Importance of making a budget
Support