Budgets are ___________________________. (Points : 1)a tool for management to use to penalize manage

Budgets are ___________________________. (Points : 1)a tool for management to use to penalize managers with poor performancedetailed financial plans that quantify future expectations and actionsbusy work assigned to keep department managers from wasting valuable time onpersonal choresa performance management tool that is automatically created by a firms accountingsystem once sales figures for the year are known.01347749750MultipleChoice1Question 2. 2. All of the following are parts of a Master budget except a___________________.(Points : 1)sales budgetproduction budgetdirect labor budgetbalanced scorecard01347749751MultipleChoice2Question 3. 3. Managers would prefer a budget prepared______________________________.(Points : 1)by the budget committeeutilizing the top-down approachutilizing the bottom-up approachutilizing none of the methods listed here01347749752MultipleChoice3Question 4. 4. Padding a budget __________________________________. (Points : 1)is a smart use of company funds by a managerdoes little to advance organizational efficiencymay induce wasteful spendingis impacted by more than one of the solutions listed here01347749753MultipleChoice4Question 5. 5. Budgeting is _______________________________. (Points : 1)an exact sciencegoing to involve the use of estimatesnot going to ever produce a variance if properly preparednever created using information from a previous period01347749754MultipleChoice5Question 6. 6. Standards are ______________________________. (Points : 1)the predetermined expectations about the inputs required to achieve anticipated output.the result of engineers and accountants trying to reach a targeted net income figure onthe budgetsingular in purposeset so stringent that no manager can possibly achieve them01347749755MultipleChoice6Question 7. 7. Production Standards should be set ______________________. (Points : 1)by the managerial accountantby an engineerby the production department managerby some combination of the above individuals and possibly others not named here01347749756MultipleChoice7Question 8. 8. When actual cost is more than planned __________________. (Points : 1)a favorable variance is producedan unfavorable variance is producedno variance is producedthere is no way to calculate which way the variance will fall without more information01347749757MultipleChoice8Question 9. 9. The materials price variance reveals the difference between____________________. (Points : 1)the price paid for materials and the quantity of materials usedthe quantity of materials used and the quantity of materials allowed for good outputnone of the solutions offered herethe standard price for materials purchased and the amount actually paid for thosematerials01347749758MultipleChoice9Question 10. 10. If the actual factory overhead applied is more than the actual factory overheadincurred _________. (Points : 1)a favorable variance is producedan unfavorable variance is producedno variance is producedthere is no way to calculate which way the variance will fall without more information