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Score
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15
×
How might tariffs affect Nike’s budgets?
No effect
Increase profit
Increase expenditure
Reduce income
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15
×
What are the three main types of budgets?
Income, Expenditure, Profit
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15
×
What does a favourable variance mean?
The same as expected
Revenue was lower than budgeted
The result was worse than expected
The result was better than expected
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15
×
Rent, salaries and materials are examples of what?
Assets
Profit
Income
Expenditure
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15
×
Which budget might change based on seasonal sales?
Expenditure budget
Cash budget
Income budget
Profit budget
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15
×
How do you calculate a variance?
Actual - Budgeted
Budgeted - Actual
Revenue - Costs
Budget + Actual
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monster
Reset all scores!
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fairy
Take points!
5
10
15
20
25
×
gift
Win 10 points!
Okay!
×
baam
Lose 25 points!
Oops!
15
×
Why do businesses set budgets?
To confuse competitors
To pay staff
To avoid taxes
To control spending
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15
×
What is an income budget?
A plan for expected revenue
Past financial summary
A list of employee wages
An estimate of profit
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15
×
Which of these is a feature of good budgeting?
Confusing
Vague
Realistic
Over-ambitious
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×
boom
Lose 50 points!
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fairy
Take points!
5
10
15
20
25
×
rocket
Go to first place!
Okay!
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banana
Go to last place!
Oops!
15
×
What is a profit budget?
Net cash flow
Expected expenses only
Expected revenue only
Expected income minus expected expenditure
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15
×
What should a business do if it sees an adverse variance?
Ignore it
Celebrate
Cut all spending
Investigate the cause
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15
×
What’s one possible business response to a large adverse variance?
Fire all staff
Raise all prices immediately
Ignore the variance
Launch a promotion
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15
×
What’s one problem with setting budgets?
Too much profit
Inaccurate forecasts
Budget surplus
Too many sales
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×
boom
Lose 50 points!
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×
gift
Win 25 points!
Okay!
×
rocket
Go to first place!
Okay!
×
baam
Lose 15 points!
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×
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