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NA Co ASSESS YOUR PROGRESS > Review Questions 1244 chaprer 22 List the four budgeting objectives. 2. One benefit Eaplainwh 1. of budgeting is coordination and to build slack into theie 3. How is benchmarking beneficial? 5. Explain the difference between strategic and operational 6. Explain the difference berween static and flexible budgets. 7. What is a master budget? 8. In a manufacturing company, what are the three types of buderss master budget? Describe each type. 9. Why is the sales budget considered the cornerstone of the 10. What is the formula used 11. What is the formula used to determine the amount of direct 12. What are the two types of manufacturing overhead? Hos do th to determine the number of units to be produced materials to be manufacturing overhead budget calculations? 13. How is the predetermined overhcad allocation rate d 14. What is the capital expenditures budget? 15. What are the three sections of the cash budget? 16. What are the budgeted financial statements? How d liffer from reailar financial statements? 17. How does the master budget for a merchandising compuny differ froma manufacturing company? 18. What is the formula used to determine the amount of merchandise inventor purchased? 19. What budgcts are included in the financial budget for a merchandising com 20. What is sensitivity analysis? Why is it important for managers? > Short Exercises ing Objective 1 S22-1 Budgeting benefits List the three key benefits companies get from preparing a budget. g Objective 2 S22 D