UH SCLT Financial Eval Quiz 10

In program management, which of the four functions of management is evidenced by setting up a Work Breakdown Structure (WBS) and developing the scope, deliverables and budget that will be attached to each element. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Planning b Organizing c Leading d Controlling

a

Understanding the complexity of budget management is essential for career advancement Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a True b False

a

Which of the following is NOT one of the essential elements of effective program management? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Budget Size/Duration of Project b Cost/Resource Administration c Schedule/Time Organization d Scope/Quality Management

a

Which of the following is a financial budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Cash budget b Production budget c Tax budget d Direct materials purchasing budget

a

Which type of budget is developed by upper management and distributed to departments Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Mandated b Strategic c Participatory d Level 5

a

A comprehensive budget is easy and inexpensive to put together. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a True b False

b

An effective program management budget would address which two sides of the program management "triangle"? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Quality and Schedule b Cost and Schedule c Quality and Resources d Timing and Scope

b

In program management, which of the four functions of management is evidenced by assigning resources such as labor and equipment to each of the elements of the Work Breakdown Structure (WBS) as outlined in the WBS documents. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Planning b Organizing c Leading d Controlling

b

Which budgeting approach is most likely to result in employee buy-in to the budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Top-Down b Bottom-Up c Incremental d Level 5

b

Which of the following is an operating budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Cash budget b Production budget c Tax budget d Capital budget

b

Which of the following statements is FALSE? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The sales budget is computed by multiplying estimated sales by the sales price b The direct materials budgets begins with the sales estimate for each period c The production budget begins with the sales estimated for each period d The sales budget is typically the first budget prepared

b

Budgets are a valuable management tool, but faithfully following a budget may lead to unintended negative consequences such as __ Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Trends can be identified and managed anytime during the project b Employees know their responsbilities and what is expected of them c To ensure the project is a success, managers may "pad" the budget when it is submitted d Breaking the costs into line items allows for visibility into areas of success and those needing improvement

c

Budgets are often used to establish targets and quotas for individual departments and managers. Overemphasis on meeting targets and/or quotas has led to ????? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Always meeting the targets and quotas resulting in company and personal success b Never meeting the targets and quotas resulting in abandonment of the quota method c Unscrupulous behavior resulting in bankruptcy and prison time d Motivational behavior resulting in new management methods

c

Which of the following statements about SWOT analysis is FALSE? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a SWOT stands for strengths, weaknesses, opportunities and threats b The S & W focus on internal concerns while the O & T focus on external situations c SWOT analyses are difficult to put together and therefore are rarely used for business strategy d A SWOT analysis is a subset of the planning process

c

Which type of budget is developed at the department and employee level and is approved for use by upper management. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Mandated b Strategic c Participatory d Best Guess

c

Which type of budget starts from scratch and requires justification for every in it. This is the most time consuming budget to develop Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Incremental b Participatory c Zero Based d Best Guess

c

All of the following are methods to create a budget EXCEPT Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Zero Based b Incremental c Mandated d Best Guess

d

In program management, which of the four functions of management is evidenced by checking actuals against the budget to assess your project's health Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Planning b Organizing c Leading d Controlling

d

Which budget is prepared first? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Production budget b Cash budget c Capital expense budget d Sales budget

d

Which type of budget is based on prior year or project data and adjusted for anticipated increases or decreases Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Mandated b Zero-Based c Best Guess d Incremental

d

What are the benefits of budgeting? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Applies dollar values to goals b Helps allocate and prioritize resources c Communicates information to all team members d Allows evaluation of projects while they are on-going e All of the above

e