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JeopardyExam3Review

# JeopardyExam3Review - Chap8&6 Chap 6 8 Chap 7 Chap 7 100...

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200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 Chap 8 & 6 Chap 6 & 8 Chap 7 Chap 7

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_______ budgets are prepared for a single, planned level of activity
Static

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A __________ budget may be prepared for any activity level within the relevant range
Flexible

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In a flexible budget total ______ costs change in direct proportion to changes in activity
Variable

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A ______ budget is prepared for the same activity level as actually achieved
Flexible

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Term for when contribution margin exactly equals fixed expenses
Break-even point

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Name one method to calculate break-even in dollar sales or unit sales
Equation method, formula method

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A formula to calculate the break-even point is: sales= variable expenses + fixed expenses + profits. What number should be entered into the equation for profits when calculating the break-even point?
Zero

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Excess of budgeted (or actual) dollar sales over the break- even dollar sales
Margin of safety

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Name one benefit of a flexible budget
1) May be prepared for any activity level in the relevant range.

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JeopardyExam3Review - Chap8&6 Chap 6 8 Chap 7 Chap 7 100...

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