Part 1: Multiple Choice Instructions
Choose the answer that best fits each statement below.
1. As you begin your budgeting process, a good place to start is to prepare a
a. Budget variance
b. Budget estimate
c. Budget plan
d. Budget contribution
I
2. What type of expense fluctuates month to month?
a. Emergency
b. Fixed
C. Variable
d. Discretionary
3. Which is an example of a financial statement?
a Bank statement
b Statement of contributions
C. Fixed and variable statement
d. Periodic statement
4. What is it called when you put money aside specifically for use in difficult situations?
a Income fund
b. Opportunity fund
c. Fixed expense fund
d. Emergency fund

Acompany manufactures hair dryers. it buys some of the components, but it makes the heating element, which it can produce at the rate of 920 per day. hair dryers are assembled daily, 250 days a year, at a rate of 360 per day. because of the disparity between the production and usage rates, the heating elements are periodically produced in batches of 2,300 units. a. approximately how many batches of heating elements are produced annually? b. if production on a batch begins when there is no inventory of heating elements on hand, how much inventory will be on hand 4 days later? c. what is the average inventory of elements, assuming each production cycle begins when there are none on hand?

After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.