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94.     LeBron Company has the following information:
     
               Month          Budgeted Purchases

               January     $26,800
               February     29,000
               March          30,520
               April          29,480
               May          27,680

     Purchases are paid for in the following manner:

               10% in the month of purchase
               50% in the month after purchase
               40% two months after purchase
     
     


 

     a.     $39,068
     b.     $18,312
     c.     $2,900
     d.     $30,520

95.     Pancho Company has the following information:
     
               Month          Budgeted Purchases

               January     $56,800
               February     49,000
               March          30,520
               April          29,480
               May          27,680

     Purchases are paid for in the following manner:

               10% in the month of purchase
               50% in the month after purchase
               40% two months after purchase

     


 

     a.     $11,792
     b.     $14,740
     c.     $11,072
     d.     $13,840

     

96.     Geneva Company has the following information:

               Month          Budgeted Purchases

               January     $33,000
               February     37,000
               March          31,000
               April          27,000
               May          27,680

     Purchases are paid for in the following manner:

               75% in the month of purchase
               25% in the month after purchase


 

     a.     $0
     b.     $6,750
     c.     $20,250
     d.     $27,000

     


97.     Georgia Company has the following information:

               Month          Budgeted Purchases

               January     $25,000
               February     19,000
               March          33,000
               April          27,000
               May          27,680

     Purchases are paid for in the following manner:

               75% in the month of purchase
               25% in the month after purchase

     


 

     a.     $22,500
     b.     $24,750
     c.     $29,500
     d.     $39,000

     

98.     Dawn Company has the following information:

               Month          Budgeted Purchases

               January     $26,800
               February     29,000
               March          30,520
               April          29,480
               May          27,680

     Purchases are paid for in the following manner:

               10% in the month of purchase
               50% in the month after purchase
               40% two months after purchase

     


 

     a.     $11,792
     b.     $24,912
     c.     $36,704
     d.     $2,948


99.     Drake Company has the following information:

               Month          Budgeted Purchases

               January     $26,800
               February     29,000
               March          30,520
               April          29,480
               May          27,680

     Purchases are paid for in the following manner:

               10% in the month of purchase
               50% in the month after purchase
               40% two months after purchase

     


 

     a.     $27,680
     b.     $29,716
     c.     $13,840
     d.     $25,632

     
100.     Cedar Rapids Corporation has the following information:

               Month          Budgeted Purchases

               August      $35,000
               September     38,000
               October     43,500
               November     36,500
               December     46,000

     Purchases are paid for in the following manner:

               40% in the month of purchase
               50% in the month after purchase
               10% two months after purchase

     


 

     a.     $7,000
     b.     $10,500
     c.     $19,000
     d.     $17,500

          
101.     Dubuque Corporation has the following information:

               Month          Budgeted Purchases

               August      $35,000
               September     38,000
               October     43,500
               November     36,500
               December     46,000

     Purchases are paid for in the following manner:

               40% in the month of purchase
               50% in the month after purchase
               10% two months after purchase

     


 

     a.     $21,750
     b.     $17,400
     c.     $4,350
     d.     $18,400

     

102.     Collections of cash from customers would appear on the


 

     a.     sales budget
     b.     operating expense budget
     c.     cash budget
     d.     None of these answers is correct.

LEARNING OBJECTIVE 5

103.     Important factors considered by sales forecasters include all of the following except:

     a.     past patterns of sales     
     b.     marketing research studies
     c.     competitors’ activities
     d.     the desired level of sales

104.     


 

     a.     Past patterns of sales
     b.     Estimates made by the sales force
     c.     General economic conditions     
     d.     All of these answers are correct.


105.     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 correct.

106.     


 

     a.     A sales prediction     
     b.     A sales budget
     c.     A budget forecast     
     d.     A sales forecast

LEARNING OBJECTIVE 6

107.     


 

     a.     Financial budgeting
     b.     Team budgeting
     c.     Participative budgeting
     d.     Shared budgeting

108.     Budgets are generally more effective if they are:

     a.     created with the active participation of all affected employees
     b.     understood and accepted by affected managers
     c.     supported by top management
     d.     All of these answers are correct.

109.     Budgets generate negative feelings if:

     a.     they are used to point out managers’ failings
     b.     they are used primarily to limit spending
     c.     they are congruent with rewards
     d.     they are used to point out managers’ failings and used primarily to limit spending

LEARNING OBJECTIVE 7

110.     ¬¬¬


 

     a.     Budgeting analysis models
     b.     Financial planning models
     c.     Accounting models
     d.     Futuring models


111.     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

112.     The most important advantage of a spreadsheet is that:

     a.     spreadsheets eliminate arithmetic errors
     b.     spreadsheets are inexpensive to prepare and easy to interpret
     c.     spreadsheets can be used to make a financial planning model of the organization
d.     spreadsheets are easy to prepare and use

113.     Systematically varying budget data input to determine the effects of each change on the budget is called:

     a.     resource analysis
     b.     sensitivity analysis
     c.     operating analysis
     d.     financial analysis

 

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