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Multiple Choice Quiz
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1
Zebra Company’s last financial statements provided the following ratios:

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To the nearest day, what is the operating cycle for Zebra?
A)80 days
B)86 days
C)C.172 days
D)D.129 days
2
Which of the benefits derived from budgeting increases management’s awareness of the company’s external economic environment?
A)Enhanced management responsibility
B)Assignment of decision-making responsibilities
C)Coordination of activities
D)Performance evaluation
3
Which of the benefits derived from budgeting provides a yardstick with which to measure each department’s actual performance?
A)Enhanced management responsibility
B)Assignment of decision-making responsibilities
C)Coordination of activities
D)Performance evaluation
4
Which of the following statements is true?
A)The behavioral approach to budgeting sets levels representing absolute efficiency.
B)The basic premise of the philosophy of the behavioral approach is to constantly strive for improvement.
C)The total quality management approach to budgeting sets reasonable and achievable levels.
D)The behavioral approach to budgeting is more widely used than the total quality management approach to budgeting.
5
The portion of the master budget relating to an individual responsibility center is called which of the following?
A)Operating budget
B)Responsibility budget
C)Flexible budget
D)Financial budget
6
You are responsible for preparing the following budgets or schedules:

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In which order should you prepare these budgets and schedules?
A)A, C, D, E, B, F
B)A, D, C, E, B, F
C)A, D, B, E, C, F
D)C, F, A, B, D, B
7
With a March 1 inventory of 12,000 units, how many units must be produced to provide an ending inventory of 8,000 units if Acorn Supply expects March sales to be 36,000 units at $1 per unit?
A)20,000 units
B)48,000 units
C)32,000 units
D)56,000 units
8
Projected Sales Forecast:

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The desired ending inventory is 10% of the projected unit sales of the subsequent period. How many units will be produced in the second time period?
A)13,100
B)13,200
C)11,900
D)12,100
9
Data taken from the sales forecast, the manufacturing cost budgets, and the schedules of cash payment:

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All budgeted overhead costs, except for budgeted fixed manufacturing overhead, are shown. What is the amount of budgeted fixed manufacturing overhead?
A)$2,000
B)$8,000
C)$9,000
D)$3,000
10
Amounts budgeted for 10,000 units of planned production:

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Twelve thousand units were produced, which is a level below full capacity. The direct materials cost for the period were $96,450. How much was the actual cost of direct materials over or under budget?
A)$450 over budget
B)$450 under budget
C)$16,000 over budget
D)$16,450 over budget





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