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Budgeting and Accounting – MCQs

15 questions. Click to practice.

Correct options are highlighted when revealed.

1.What term describes the discrepancy between the planned budget figures and the actual outcomes?

2.Which type of department is managed by a person accountable for both expenses and income?

3.Which type of managerial responsibility focuses solely on controlling the company's costs?

4.What term is used to describe a manager who has a greater number of subordinates and operates at a higher managerial level?

5.What term describes the use of variables to indicate if strategies are successful or unsuccessful?

6.Which one of these represents a revenue center?

7.Which type of manager is accountable solely for generating the company's revenues?

8.What is the key characteristic of Kaizen Budgeting?

9.What is the name of the system that evaluates the budget, actions, and plans of each responsibility center?

10.Which type of variance do managers use to assess if the company has executed its strategies effectively and achieved good performance?

11.What term describes the setup that defines the chain of command in a business?

12.What is the term for a variance that signals managers about a potential issue ahead of time?

13.What is the term for a company subunit whose manager is accountable for a defined set of tasks and directives?

14.What term describes the delegation of responsibilities to managers who are held responsible for managing and budgeting resources?

15.Which type of manager oversees the company's investments along with its expenses and income?