FinMan10e_BTest_ch21

FinMan10e_BTest_ch21 - 10th Edition FINANCIAL &...

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10th Edition Warren/Reeve/Duchac Chapter Test 21B Score % Name Course Section NOTE: Each of the 25 correct answers is assigned a weight of 4%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—60% B
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TEST 17A (Concluded) INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. For Scoring Answers 0. The document that charts a course of future action for a business by outlining the plans of the business in financial terms is the . ................. budget 0. ____ 1. The budget process that involves establishing specific goals for future operations is known as . ......................................................................... 1. ____ 2. Comparing actual results to the plan to help prevent unplanned expenditures is part of the management activity of . .............................. 2. ____
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3. An organization’s budgetary unit led by a manager who has both authority over and responsibility for the unit’s performance is a(n) . ...... 3. ____ 4. A variation of fiscal-year budgeting that seeks to continually maintain a twelve-month projection into the future is called . ............................... 4. ____ 5. When individual objectives are opposed to those that are in the best interests of the business, the situation can be described as a(n) . ........ 5. ____ 6. The length of time for which the budget is prepared is a(n) . ................. 6. ____ 7. The form of budgeting that requires all levels of management to prepare future plans based on a “clean slate” view of the operations is
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FinMan10e_BTest_ch21 - 10th Edition FINANCIAL &...

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