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TRUE/FALSE.  Write 'T' if the statement is true and 'F' if the statement is false. 1)  A variance is the difference between the actual result and a budgeted amount. 1)  _______  2)  Variances and flexible budgets help managers gain insights into why actual results differ from planned performance. 2)  _______  3)  A static budget is a budget that can be changed or altered after it is developed. 3)  _______  4)  The static-budget variance can be subdivided into the flexible-budget variance and the sales-volume variance. 4)  _______  5)  A flexible budget is a budget that is developed using budgeted revenue or […]

  Fill in the Blank Questions  16. Employees of firms engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate of pay for time worked in excess of ____________________ hours per week. ________________________________________   17. FICA tax is commonly referred to as ____________________ tax. ________________________________________   18. One who is hired by an employer and who is under the control and direction of the employer is called a(n) ___________________. ________________________________________   19. An independent ____________________ is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of […]

  21) The Canada Customs and Revenue Agency requires companies to use practical capacity denominator-level concepts. 21) ______ 22) Theoretical capacity is rarely used to calculate the budgeted fixed manufacturing cost per case because it departs significantly from the real capacity available to a company. 22) ______ 23) The downward demand spiral for a company is the continuing reduction in the demand for its products that occurs when prices of competitors' products are not met and higher unit costs result in more reluctance to meet competitors' prices. 23) ______ MULTIPLE CHOICE. Choose the one alternative that best completes the statement […]

  64) What is the “operating income” assuming 250 people attend and option two is chosen? 64) ______ A) $620 B) $4,620 C) $2,900 D) $2,750 E) $7,329 65) How many people must purchase tickets assuming option two is chosen, and Big Sports expects to raise $4,820 for the athletic fund? Assume no one pays more than the cost of his/her ticket. 65) ______ A) 514 people B) 610 people C) 600 people D) 720 people E) 257 people 66) A decision model is used for 66) ______ A) enabling managers to deal with uncertainty using both quantitative and qualitative […]

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) A budget is a quantitative expression for a set time period of a proposed future plan of action by management. 1) _______ 2) A budget is limited in that it can only cover financial aspects of plans. 2) _______ 3) The master budget embraces the impact of both operating decisions and financing decisions as related to acquisitions and uses of scarce resources. 3) _______ 4) Budgeted financial statements are also referred to as pro forma statements. 4) _______ 5) Budgeting is done in place […]