PLANNING AND BUDGETING | QUIZ SMART | SCORE
HIGH | GUARANTEED ACCURACY!
1. __________are the quantitative expressions of plans stated in either physical or
financial term or both - Answer: a. Budgets
_________is the process of setting standards, receiving feedback on actual
performance, and taking corrective action whenever actual performance deviates
significantly from planned performance. - Answer: b. Control
Which of the following factors is NOT an advantage of preparing operating budgets -
Answer: d. It saves time and resources.
4. Which of the following is NOT an advantage of budgeting? - Answer: d. It provides
organizational independence.
5. The budget committee - Answer: d. both a and b
(has the responsibility to review the budget, resolves differences that may arise as the
budget is prepared)
The _______________ has the responsibility to review the budget, provide policy
guidelines and budgetary goals, resolve differences that may arise as the budget is
prepared, approve the final budget, and monitor the actual performance of the
organization as the year unfolds. - Answer: d. budget committee
7. Which of the following is NOT a responsibility of the budget committee? - Answer: a.
prepare actual financial statements
_____ are comprehensive financial plans made up of various individual departmental
and activity budgets. - Answer: a. Master budgets
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
HIGH | GUARANTEED ACCURACY!
1. __________are the quantitative expressions of plans stated in either physical or
financial term or both - Answer: a. Budgets
_________is the process of setting standards, receiving feedback on actual
performance, and taking corrective action whenever actual performance deviates
significantly from planned performance. - Answer: b. Control
Which of the following factors is NOT an advantage of preparing operating budgets -
Answer: d. It saves time and resources.
4. Which of the following is NOT an advantage of budgeting? - Answer: d. It provides
organizational independence.
5. The budget committee - Answer: d. both a and b
(has the responsibility to review the budget, resolves differences that may arise as the
budget is prepared)
The _______________ has the responsibility to review the budget, provide policy
guidelines and budgetary goals, resolve differences that may arise as the budget is
prepared, approve the final budget, and monitor the actual performance of the
organization as the year unfolds. - Answer: d. budget committee
7. Which of the following is NOT a responsibility of the budget committee? - Answer: a.
prepare actual financial statements
_____ are comprehensive financial plans made up of various individual departmental
and activity budgets. - Answer: a. Master budgets
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
