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Buisness > Budgeting > Flashcards

Budgeting Flashcards

1
Q

Sales volume

A

A key budget - shows planned sales levels

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2
Q

Sales volume

A

A key budget - shows planned sales levels

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3
Q

Sales revenue

A

Uses sales volume budget and prices to show planned revenue

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4
Q

Production cost

A

Based on sales volume budget and shows all planned production costs

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5
Q

Overheads

A

Shows all planned indirect costs, such as insurance, rent and office wages

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6
Q

Total cost

A

Shows all the planned business costs

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7
Q

Marketing

A

Shows all planned spending on, for example, research, advertising and promotions

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8
Q

R&D

A

Shows all planned expenditure in research and development

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9
Q

Profit

A

Shows planned revenue, costs and profit

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10
Q

Cash

A

Shows planned cash inflows and outflows and cash balance

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11
Q

Master

A

Shows a summary of all budgets - including cost , revenue and profit

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12
Q

Budget

A

A quantitative economic plan prepared and agreed in advance

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13
Q

Budgetary control

A

A business system that involves making future plans, comparing the actual results with the planned results and then investigating the causes for any differences

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14
Q

Historical figures

A

Quantitative information based on past trading records

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15
Q

Production cost budget

A

A firm’s planned production costs for a future period of time

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16
Q

Sales budget

A

A firm’s planned sales for a future period of time - can be measured in terms of volume or revenue

17
Q

Variance

A

The difference between actual financial outcomes and those budgeted

18
Q

Variance analysis

A

The process of calculating variances and attempting to identify their causes

19
Q

Zero based budgeting

A

A system of budgeting where no money is allocated for costs or spending unless they can be justified by the fund holder

Buisness (2 decks)

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