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MHA 706 M6 quizzes – Q’s and A’s
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MHA 706 M6 quizzes – Q’s and A’s
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MHA 706 M6 quizzes – Q’s and A’sThe operating or five-year plan lays out the organization's goals and .... - -
objectives
-What are the common kinds of budgets and control mechanisms needed in
an organization? - -Statistics budget,
Revenue budget,
Expense budget,
Operating budget
-Budgets can be used for all the following.... - -Communication, Control,
Planning
-Conventional approach to budgeting - -uses the previous established
budget as the starting point
-Statistics budget - -is referred to as the "foundation" budget
-Expense budget - -is formed by combining volume data with detailed
resource utilization data
-Revenue budget - -is used to forecast revenues
-Bottom-up budgets - -begin at the departmental level
-Zero-based budgeting - -each new budget is started from scratch
-A variance is the difference between the actual results and the .... - -
budgeted value
-Static budget - -is the original budget, unadjusted for realized volume
-Profit variance - -is the difference between actual profit and the static
profit
-Variance analysis - -used to identify problem areas
-Flexible budget - -is a budget that is adjusted to reflect changes in volume
-Revenue Variance - -Actual Revenues - Static Revenues
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