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Elec 2 - MAS > Midterm Exam > Flashcards

Midterm Exam Flashcards

1
Q

A financial plan of the resources needed to carry out tasks and meet financial goals

A

Budget

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2
Q

A quantitative expression of the goals the organization wishes to achieve in the cost of attaining these goals

A

Budget

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3
Q

The act of preparing a budget

A

Budgeting

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4
Q

Is a use of budgets to control a firm’s activities

A

Budgetary control

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5
Q

Indicates the sales level, production and cost levels, income, and cash flow‘s that are anticipated for the coming year

A

Overall or master budget
Also known as planning budget or budget plan

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6
Q

A summary of all phases of a company’s plans and goals for the future

A

Master budget

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7
Q

Uses of the process of budgeting

A

Communication
Motivation
Standards
Planning
Organizing and directing
Controlling and performance evaluation

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8
Q

The most important process of management

A

Communication

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9
Q

This process moves people to act in accordance with organizational goals

A

Motivation

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10
Q

Measures of performance

A

Standards

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11
Q

An important basis for planning and controlling. They are set to motivate.

A

Standards

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12
Q

An act of approximating the future and preparing resources

A

Planning

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13
Q

Policies, systems, operational strategies, methods and means are devised as activities are mapped out and lined up to execute plans

A

Organizing and directing

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14
Q

Classification of controls

A

Feedback controls
Concurrent controls
Feedforward controls

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15
Q

Pertain to completed activities

A

Feedback controls

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16
Q

Refer to ongoing processes

A

Concurrent controls

17
Q

Anticipate and prevent problems

A

Feedforward controls

18
Q

The executives should primarily subscribed organizational objectives. True or false?

A

True

19
Q

Exercise competence in leading in managing his top executives

A

CEO

20
Q

Capable and competent, and have ownership of organizational goals

A

Top executives

21
Q

Composed of top executives in the administrative, operational and financial areas of business, such as the vice president for sales, production, purchasing, human resources, information, technology, engineering and quality, administration, and most especially, finance

A

Budget committee

22
Q

Also known in practice as the management committee or executive committee

A

Budget committee

23
Q

Normally, headed by a budget, Director, administers the budgetary process

A

Budget committee

24
Q

The schedule of activities for the development and production of the budget

A

Budget planning calendar

25
Q

Includes distribution instructions for all budget schedules to show that a segments budget is an input to another department or business unit in the preparation of their own budget

A

Budget manual

26
Q

Integrates the entire budgetary activities

A

Planning calendar

27
Q

Types of budgets or the major composition of the master budget

A

operating budget
financial budget
capital budget

28
Q

Refers to projection of revenue, expenses, and results of operations for a definite period of time

A

Budgeted income statement

29
Q

A period-by-period Statement of cash at the start of a budget period, expected cash receipts classified by source and the resulting cash balance at the end of the budget period

A

Cash budget

30
Q

Refers to the budget of the financial resources as reflected in the budget statement of financial position and cash budget

A

Financial budget

31
Q

Projection of cost at a particular, or one level of production for a definite time period

A

Fixed budget

32
Q

Projection of cost at different levels of production for a definite period of time

A

Flexible or variable budget

33
Q

Budget prepared, using employees at all levels in the organization

A

Participative budget

34
Q

Budget that is expressed in units of materials, number of employees, or number of men hours, or service units rather than in pesos

A

Physical budget

35
Q

Another term for master budget

A

Planning budget or static budget

36
Q

Production plan of resources, needed to meet current sales demand and ensure adequate nventory levels

A

Production budget

37
Q

Budget for the major programs or projects that the company plans to undertake

A

Program budget

38
Q

Refers to the plans for the conduct of business for the planning period; it includes the budgeted income statement and all its supporting budgets

A

Operating budget

39
Q

Budget for a responsibility center

A

Responsibility budget

Elec 2 - MAS (3 decks)

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