Question 17: The time frame for strategic objectives is generally:

1. 3 5 years
2. 1 year
3. 1 to 5 years
4. Over 10 years

Question 18: The sales budget for 2019 estimated that sales would increase by 10% on 2018 actual sales. If Actual sales in 2018 was 300,000 units, The sales budget for 2019 is:

1. 270,000.
2. 330,000.
3. 300,010.
4. 300,000.

Question 19: budget for 2019 estimated that sales would be 200,000 units. The sale price per unit is $2.50. Actual results of the same period were $495,000. The variance is:

1. $5,000 Favourable
2. $5,000 unfavourable
3. $500,000 favourable
4. $495,000 Unfavourable

Question 20: The Budget management process should include contingency plans because:

1. All budgets will not be achieved.
2. There are internal and external factors that can affect the success of budgets.
3. We should always spend under what we expect.
4. It's not required because contingency plans don't allow for mistakes.