Question
1.If making 10 customized holiday cards uses $20 in materials, $20 in hourly wages and $10 in desk rental space, what is the average cost per unit (card)?
$50
$40
$5
$4
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2.When the cards in the above problem are sold, the cost per unit (card) is recorded as
Inventory
Cost of goods sold
Work in progress
Selling expenses
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3.Strategic planning focuses on
short-range decisions
intermediate-range policies
sales targets
long-range decisions
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4.A plan that formalizes, in financial terms, the overall goals and objectives of a company is called a
capital budget
master budget
participative budget
strategic analysis
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5.The operational budgeting process in a firm normally begins with
A bank statement of its cash holdings
An analysis of its days in receivables ratio
Preparation of the sales budget for the period
Drawing on its line of credit
6.Financials statements that are prepared as a forecast based on planning and budgeting in a firm are known as
Trial balances
Ledgers
Pro Formas
IRS Returns
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