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15
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What is an expenditure budget?
A plan for expected income
A plan for expected costs
A list of assets
A plan for expected profit
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15
×
How do you calculate a variance?
Budget + Actual
Revenue - Costs
Budgeted - Actual
Actual - Budgeted
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15
×
Rent, salaries and materials are examples of what?
Income
Profit
Assets
Expenditure
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15
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Whatâs one problem with setting budgets?
Too many sales
Budget surplus
Too much profit
Inaccurate forecasts
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15
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Why do businesses set budgets?
To control spending
To pay staff
To avoid taxes
To confuse competitors
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15
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Which of these is a feature of good budgeting?
Realistic
Vague
Confusing
Over-ambitious
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banana
Go to last place!
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gold
Win 50 points!
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shark
Other team loses 25 points!
Okay!
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banana
Go to last place!
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seesaw
Swap points!
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star
Double points!
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rocket
Go to first place!
Okay!
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thief
Give points!
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25
15
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How might tariffs affect Nikeâs budgets?
Increase profit
Reduce income
Increase expenditure
No effect
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15
×
What should a business do if it sees an adverse variance?
Cut all spending
Investigate the cause
Celebrate
Ignore it
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baam
Lose 25 points!
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seesaw
Swap points!
Okay!
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gift
Win 10 points!
Okay!
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baam
Lose 20 points!
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15
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What is a profit budget?
Net cash flow
Expected expenses only
Expected income minus expected expenditure
Expected revenue only
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15
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Budgets are usually based on what?
Forecasts
Guesswork
Past feelings
Luck
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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 result was worse than expected
The result was better than expected
The same as expected
Revenue was lower than budgeted
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×
banana
Go to last place!
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×
gold
Win 50 points!
Okay!
×
fairy
Take points!
5
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15
20
25
×
banana
Go to last place!
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