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Accounting for Non-Accountants Quiz 10

1. The budget is a detailed plan that outlines future expectations in quantitative terms.

True
False

 

2. Whether the budget is for personal use or for your business, the major advantage of using a budget is that it will guarantee that your company will make a profit.

True
False

 

3. Which of these is a detailed plan that outlines future expectations in quantitative terms?

Capital Budget
Master Budget
Budget
Sales Budget

 

4. Which of these is the budget for long-term assets?

Capital Budget
Master Budget
Budget
Sales Budget

 

5. Which of these is a network of many separate budgets that are interdependent?

Capital Budget
Master Budget
Budget
Sales Budget




Answers

Use the answers below to figure out your score, and see how well you understand the material of the first chapter. If you scored less than an 80% you should read over the chapter again before moving on.

Question 1: True
Question 2: False
Question 3: Budget
Question 4: Capital Budget
Question 5: Master Budget

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