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1. Which of the following refers to quantitative plans for the future, stated in either physical terms or financial terms or both? a. A statement of owner's equity b. An income statement C. A budget d. A balance sheet 2. Which of the following is NOT a component of the master budget? a. Sales Budget b. Capital Budget c. Cost of Goods Sold Budget d. Budget to Actual Variance Analysis 3. Which of the following statement is correct regarding a continuous budget? a The budget is prepared for a one-year period that corresponds to the company's fiscal year. b. A continuous budget is a monthly budget. c. As a month/period expires in the budget, an additional month period in the future is added so the company always has a 12-month budget on hand. d. None of these 4. Control can be defined as a the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan. b. a quantification of plans, stated in either physical or financial terms, or both c. identification of corporate objectives. d. a comprehensive financial plan. 5. The following condition which demands maximum efficiency and can be achieved only if everything operates perfectly is called: a. Ideal standards b. Currently attainable standards c. Budget standards d. Personnel standards 6. Variances indicate a. the cause of the variance. b. who is responsible for the variance. C. that actual performance is not going according to plan. d. when the variance should be investigated

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