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1. A sales forecast is _____. a. a prediction of sales under a given set of conditions b. the result of decisions to create conditions c. the same as a sales budget that will generate a desired level of sales d. all of these answers are correct2. Which of the following is not a major benefit of budgeting a. Budgeting compels managers to think ahead.b. Budgeting provides definite expectations that are the best framework for judging subsequent performance.c. Budgeting aids managers in coordinating their efforts so the objectives of the organization as a whole match the objectives of its parts. d. Budgeting allows managers to operate day-to-day reacting to current events rather than planning for the future.3. Preparing the master budget begins by establishing _____. a. a targeted balance sheet b. a targeted income statement c. the expected cash d. the expected sales4. Financial planning models _____. a. focus on the budgeted balance sheet b. allow managers to assess the predicted impacts of various alternatives before final decisions are selected c. attempt to answer How come questions d. are extremely accurate thus lessening the need for management judgment

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