Part 2. Multiple Choice (3 points each) 1. The budgeting process does not involve which of the following activities: a. Specific goals are established b. Periodic comparison of actual results to goals c. Execution of plans to achieve goals d. Increase in sales by increasing marketing efforts. 2. Which of the following budgets allows for adjustments in activity levels? a. Static Budget b. Continuous Budget c. Zero-Based Budget d. Flexible Budget 3.If the price paid per unit differs from the standard price per unit for direct materials, the variance is termed a: a. variable variance b. controllable variance O price variance d. volume variance 4.The order of presentation of activities on the statement of cash flows is a. operating, investing, and financing. b. operating, financing, and investing. c. financing, operating, and investing. d. financing, investing, and operating. 5. Each of the following are categories on the statement of cash flows except for: a. Financing activities b. Investing activities c. Operating activities d. Material activities