MGMT 201 Exam 3 Review Questions &
Answers|| GRADED A+|| LATEST UPDATE
2026
Financial Planning and Analysis -CORRECTANSWER evaluates businesses, projects
or products to determine their performance and make business decisions
3 subsets: 1. Subsystems for planning
2. Measuring and recording results
3. Evaluating performance
budget -CORRECTANSWER a detailed plan, expressed in quantitative terms, that
specifies how resources will be acquired and used during a specified period of time
5 purposes of budget -CORRECTANSWER 1. Planning
2. Facilitating communication and coordination
3. Allocating resources
4. Controlling profit and operations
5. Evaluating performance and providing incentive
master budget -CORRECTANSWER comprehensive set of budgets covering all phases
of an organization's operations for a specified period of time
, budgeted financial statements -CORRECTANSWER show how the organization's
financial statements will appear at a specified time if operations go as planned
capital budget -CORRECTANSWER plan for the acquisition of capital assets
financial budget -CORRECTANSWER plan showing how organizations will acquire
financial resources, such as stock issuance or incurrence of debt
short range -CORRECTANSWER budgets that last 1 year or less
long range -CORRECTANSWER budgets that last more than 1 year
rolling budget -CORRECTANSWER continually updated by periodically adding a new
incremental time period and dropping the period just completed
sales forecasting -CORRECTANSWER predicting future sales levels and sales trends
operational budgets -CORRECTANSWER specify how its operations will be carried out
to meet the demand for its goods or services
cash receipts budget -CORRECTANSWER information about cash flows into company
cash disbursements -CORRECTANSWER spending plans in operational budgets
Answers|| GRADED A+|| LATEST UPDATE
2026
Financial Planning and Analysis -CORRECTANSWER evaluates businesses, projects
or products to determine their performance and make business decisions
3 subsets: 1. Subsystems for planning
2. Measuring and recording results
3. Evaluating performance
budget -CORRECTANSWER a detailed plan, expressed in quantitative terms, that
specifies how resources will be acquired and used during a specified period of time
5 purposes of budget -CORRECTANSWER 1. Planning
2. Facilitating communication and coordination
3. Allocating resources
4. Controlling profit and operations
5. Evaluating performance and providing incentive
master budget -CORRECTANSWER comprehensive set of budgets covering all phases
of an organization's operations for a specified period of time
, budgeted financial statements -CORRECTANSWER show how the organization's
financial statements will appear at a specified time if operations go as planned
capital budget -CORRECTANSWER plan for the acquisition of capital assets
financial budget -CORRECTANSWER plan showing how organizations will acquire
financial resources, such as stock issuance or incurrence of debt
short range -CORRECTANSWER budgets that last 1 year or less
long range -CORRECTANSWER budgets that last more than 1 year
rolling budget -CORRECTANSWER continually updated by periodically adding a new
incremental time period and dropping the period just completed
sales forecasting -CORRECTANSWER predicting future sales levels and sales trends
operational budgets -CORRECTANSWER specify how its operations will be carried out
to meet the demand for its goods or services
cash receipts budget -CORRECTANSWER information about cash flows into company
cash disbursements -CORRECTANSWER spending plans in operational budgets
