Business Planning and Budgeting: Process, Implementation, and Performance Monitoring
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Cards in this deck(66)
What is a detailed plan for the future that is usually expressed in formal quantitative terms?
What is a detailed plan showing how cash resources will be acquired and used over a specific time period?
What is the process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change?
What is a detailed plan that shows the direct labor-hours required to fulfill the production budget?
What is a detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories?
What is a budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet?
What is a detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period?
What is a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals?
What is a detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period?
What is another term for a self-imposed budget?
What is the process of establishing goals and specifying how to achieve them?
What is a detailed plan showing the number of units that must be produced during a period to satisfy both sales and inventory needs?
What is a detailed schedule showing expected sales expressed in both dollars and units?
What is a method of preparing budgets in which managers prepare their own budgets, which are then reviewed by higher-level managers?
What is a detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period?
What is a detailed listing of the standard amounts of inputs and their costs required to produce one unit of a specific product?
What are the variances calculated using AH*AR, AH*SR, and SH*SR for variable manufacturing overhead?
What are the variances calculated using AQ*AP, AQ*SP, and SQ*SP for direct materials?
What are the variances calculated using AH*AR, AH*SR, and SH*SR for direct labor?
What is a business segment whose manager has control over cost but has no control over revenue or investments in operating assets?
What is an organization in which decision-making authority is delegated as far down the chain of command as possible?
What is a business segment whose manager has control over cost, revenue, and investments in operating assets?
What is the formula for margin in terms of net operating income and sales?
What is the formula for turnover in terms of sales and average operating assets?
What is the price charged for an item on the open market?
What is a transfer price agreed on between buying and selling divisions?
What is income before interest and income taxes have been deducted?
What are cash, accounts receivable, inventory, plant and equipment, and all other assets held for operating purposes called?
What is a department in which the central purposes of the organization are carried out?
What is a business segment whose manager has control over cost and revenue but has no control over investments in operating assets?
What is the range of transfer prices within which the profits of both the selling division and the buying division would increase as a result of a transfer?
What is the net operating income that an investment center earns above the minimum required return on its operating assets?
What is the minimum acceptable rate of return (set by management) for an investment?
What is any business segment whose manager has control over costs, revenues, or investments in operating assets?
What is the formula for Return on Investment (ROI) using Net Operating Income and Average Operating Assets?
What is a department that does not directly engage in operating activities but provides services or assistance to the operating departments?
What is an overall level of profits that is less than a segment or a company is capable of earning?
What is the price charged when one responsibility center within a company provides goods or services to another responsibility center in the same company?
What is a cost that can be eliminated by choosing one alternative over another, synonymous with different cost and relevant cost?
What is a machine or some other part of a process that limits the total output of the entire system?
What is a limitation under which a company must operate, such as limited available machine time or raw materials, that restricts the company's ability to satisfy demand?
What is a future cost that differs between any two alternatives?
What is future revenue that differs between any two alternatives?
What is an increase in cost between two alternatives?
What are costs that are incurred up to the split-off point in a process that produces joint products?
What are two or more products that are produced from a common input?
What is a decision concerning whether an item should be produced internally or purchased from an outside supplier?
What is the potential benefit that is given up when one alternative is selected over another?
What is an action that increases the amount of a constrained resource or increases the capacity of the bottleneck?
What is a benefit that should be considered when making decisions?
What is a cost that should be considered when making decisions?
What is a decision as to whether a joint product should be sold at the split-off point or sold after further processing?
What is a one-time order that is not considered part of the company's normal ongoing business?
What is the point in the manufacturing process where some or all of the joint products can be recognized as individual products?
What is a cost that has already been committed and cannot be recovered?
What is the involvement by a company in more than one of the activities in the entire value chain from development through production, distribution, sales, and after-sales service?
What approach focuses solely on the relevant costs and benefits?
What approach includes all costs and benefits, relevant or not, and reveals the same answer because the irrelevant costs will cancel each other out?
Why should relevant costs be isolated when making decisions?
What is the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products?
What is it called when a company is involved in more than one activity in the entire value chain?
What are examples of constraints for schools, airlines, and resorts?
What determines a constraint in a process?
What is the format for a sales budget?
What is the format for a direct materials budget?
What is the format for a direct labor budget?
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