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)?






2.When the cards in the above problem are sold, the cost per unit (card) is recorded as


Cost of goods sold

Work in progress

Selling expenses


3.Strategic planning focuses on

short-range decisions

intermediate-range policies

sales targets

long-range decisions


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


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


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