Select the correct letter

Accounting 4B Chapter 20 Test Section 1 NAME For numbers 1 through 11, place the letter of the term next to the phrase hat best defines the term. (a) Budgct (b) Capital expenditure budget (c) Manufacturing budget (d) Sales budget ) Selling expense budget 0) Materials acquisition budget k) Budgeted income statement (0 Cash budget (g) Budgeted balance sheet (h) Continuous budgeting (m) Line level (n) Business plan (o) Object level (p) Middle level 1. A formal statement of future plans, usually expressed in monetary terms 2 A plan showing the number of units to be produced each month. 3 The term in a budget used to describe a legally approved right to spend funds 4 An accounting report that presents predicted amounts of the company's assets liabilities, and equity as of the end of the budget period 5. A plan that shows the predicted costs for direct materials, direct labor, and overhead costs to be incurred in manufacturing the units in the production budget. 6 A plan that lists the types and amounts of selling expenses expected during the budget period the starting point in the budgeting process revising those budgets as each period is completed 7 A plan showing the units of goods to be sold and the sales to be derived, usualy 8 The practice of preparing budgets for a selected number of several periods and 9. A plan that lists dollar amounts to be both received from disposing of plant assets and spent on purchasing additional plant assets to carry out the budgeted activities. A plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans. 10 11. The common level of control in most organizations for employee salaries