How to Prepare a Budget for a Corporation


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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?

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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?

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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