Chapter 21

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Which budget covers the cost of special effects? A. post-production B. above the line C. below the line D. middle of the line

A. post-production

The __________ is often used as the starting point for the selling and administrative expenses budget. A. sales budget B. factory overhead cost budget C. production budget D. cost of goods sold budget

A. sales budget

A budget that shows the expected results of a responsibility center for only one activity level is known as a __________ budget. A. static B. zero-based C. flexible D. single activity

A. static

The financial budgets provide information for the budgeted ________. A. income statement B. balance sheet C. statement of cash flows D. None of these choices are correct.

B. balance sheet

Filmmakers use a budget to A. avoid paying royalty fees to actors. B. manage the tension between creative expression and costs. C. assure higher ratings with a higher budget. D. maintain schedule dates.

B. manage the tension between creative expression and costs.

The responsibility of developing an annual budget is normally assigned to ________. A. the CEO B. the budget committee C. the board of directors D. the stockholders

B. the budget committee

Pisa Trophy Co. budgeted production of 50,000 brass trophies for the coming year. Each trophy requires engraving. Assume that 15 minutes are required to engrave each trophy. If engraving labor costs $15.00 per hour, determine the direct labor cost budget for the year. A. $750,000 B. $12,500 C. $187,500 D. None of these choices are correct.

C. $187,500

A budget that estimates the expected receipts (inflows) and payments (outflows) of cash for a period of time is called a __________ budget. A. sales B. capital expenditures C. cash D. None of these choices are correct.

C. cash

The first step in preparing a flexible budget is to ________. A. identify the fixed and variable cost components B. prepare the budget for each activity level C. identify the relevant activity levels D. None of these choices are correct.

C. identify the relevant activity levels

All of the following budgets are considered financial budgets except the __________ budget. A. cash B. capital expenditures C. sales D. None of these choices are correct.

C. sales

A master budget includes ________. A. financial budgets B. a sales budget C. expense budgets D. All of these choices are correct.

D. All of these choices are correct.

Budgeting involves ________. A. establishing specific goals B. executing plans to achieve the goals C. periodically comparing actual results with the goals D. All of these choices are correct.

D. All of these choices are correct.

Which of the following formulas determines the budgeted units to be produced? A. Expected Units to Be Sold - Desired Units in Ending Inventory + Estimated Units in Beginning Inventory B. Expected Units to Be Sold - Desired Units in Ending Inventory - Estimated Units in Beginning Inventory C. Expected Units to Be Sold + Desired Units in Ending Inventory + Estimated Units in Beginning Inventory D. Expected Units to Be Sold + Desired Units in Ending Inventory - Estimated Units in Beginning Inventory

D. Expected Units to Be Sold + Desired Units in Ending Inventory - Estimated Units in Beginning Inventory

Budgeting affects all of the following managerial functions except ________. A. planning B. directing C. controlling D. None of these choices are correct.

D. None of these choices are correct.

Which budget covers the cost of creative talent? A. below the line B. middle of the line C. post-production D. above the line

D. above the line

All of the following are integrated into the cost of goods sold budget except the __________ budget. A. direct labor cost B. direct materials purchases C. factory overhead cost D. selling and administrative expenses

D. selling and administrative expenses


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