Budgets | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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What should a business do if it sees an adverse variance?

Ignore it

Celebrate

Investigate the cause

Cut all spending

What is a profit budget?

Net cash flow

Expected expenses only

Expected income minus expected expenditure

Expected revenue only

What does a favourable variance mean?

Revenue was lower than budgeted

The result was worse than expected

The same as expected

The result was better than expected

How do you calculate a variance?

Budgeted - Actual

Budget + Actual

Revenue - Costs

Actual - Budgeted

Why do businesses set budgets?

To pay staff

To confuse competitors

To avoid taxes

To control spending

What is an income budget?

A list of employee wages

Past financial summary

A plan for expected revenue

An estimate of profit

What are the three main types of budgets?

Income, Expenditure, Profit

Rent, salaries and materials are examples of what?

Assets

Profit

Income

Expenditure

What is an expenditure budget?

A list of assets

A plan for expected income

A plan for expected costs

A plan for expected profit

Budgets are usually based on what?

Forecasts

Guesswork

Past feelings

Luck

Which of these is a feature of good budgeting?

Over-ambitious

Vague

Confusing

Realistic

What’s one problem with setting budgets?

Too many sales

Budget surplus

Inaccurate forecasts

Too much profit

What’s one possible business response to a large adverse variance?

Fire all staff

Raise all prices immediately

Launch a promotion

Ignore the variance

How might tariffs affect Nike’s budgets?

No effect

Reduce income

Increase profit

Increase expenditure

Which budget might change based on seasonal sales?

Profit budget

Expenditure budget

Cash budget

Income budget