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B Com Exam  >  B Com Tests  >  Test: Budgetary Control - B Com MCQ

Test: Budgetary Control - B Com MCQ


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10 Questions MCQ Test - Test: Budgetary Control

Test: Budgetary Control for B Com 2024 is part of B Com preparation. The Test: Budgetary Control questions and answers have been prepared according to the B Com exam syllabus.The Test: Budgetary Control MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Budgetary Control below.
Solutions of Test: Budgetary Control questions in English are available as part of our course for B Com & Test: Budgetary Control solutions in Hindi for B Com course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Budgetary Control | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study for B Com Exam | Download free PDF with solutions
Test: Budgetary Control - Question 1
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Which term refers to a quantitative statement for a defined period of time that includes planned revenues, expenses, assets, liabilities, and cash flows?

Detailed Solution for Test: Budgetary Control - Question 1
A budget is a quantitative statement for a defined period of time that includes planned revenues, expenses, assets, liabilities, and cash flows. It serves as a financial plan expressed in terms of money.
Test: Budgetary Control - Question 2
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What is the process of building budgets called?

Detailed Solution for Test: Budgetary Control - Question 2
Budgeting is the process of building budgets. It involves the preparation, implementation, and operation of a budget, which guides managers in the decision-making process.
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Test: Budgetary Control - Question 3
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What is the system of using budgets for planning and controlling costs called?

Detailed Solution for Test: Budgetary Control - Question 3
Budgetary control is the system of using budgets for planning and controlling costs. It involves establishing budgets, comparing actual results with budgeted results, and taking corrective action to achieve the objectives outlined in the budget.
Test: Budgetary Control - Question 4
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Which type of budget remains unchanged irrespective of the volume of output or turnover attained?
Detailed Solution for Test: Budgetary Control - Question 4
A fixed budget is a budget that remains unchanged irrespective of the volume of output or turnover attained. It does not provide for any changes in expenditure based on changes in activity levels.
Test: Budgetary Control - Question 5
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What is a comprehensive projection of how management expects to conduct all aspects of business over a budget period called?
Detailed Solution for Test: Budgetary Control - Question 5
A master budget is a comprehensive projection of how management expects to conduct all aspects of business over a budget period, usually a fiscal year. It summarizes projected activity through a cash budget, budgeted income statement, and budgeted balance sheet.
Test: Budgetary Control - Question 6
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Which type of budget is prepared after making an intelligent classification of expenses between fixed, semi-variable, and variable costs?
Detailed Solution for Test: Budgetary Control - Question 6
A flexible budget is prepared after making an intelligent classification of expenses between fixed, semi-variable, and variable costs. It provides different budgeted costs for different levels of activity.
Test: Budgetary Control - Question 7
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What type of budget is designed to change in accordance with the level of activity actually attained?
Detailed Solution for Test: Budgetary Control - Question 7
A flexible budget is designed to change in accordance with the level of activity actually attained. It recognizes the difference in behavior between fixed and variable costs and adjusts accordingly.
Test: Budgetary Control - Question 8
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What type of budget involves the inflows and outflows of cash in a business on a day-to-day basis?
Detailed Solution for Test: Budgetary Control - Question 8
A cash flow budget involves the inflows and outflows of cash in a business on a day-to-day basis. It predicts a company's ability to take in more money than it pays out and helps monitor shortfalls and financing needs.
Test: Budgetary Control - Question 9
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Which budget outlines how a business receives and spends money on a corporate scale, including revenues from core business and capital expenditures?
Detailed Solution for Test: Budgetary Control - Question 9
A financial budget outlines how a business receives and spends money on a corporate scale, including revenues from the core business and capital expenditures. It helps manage assets and plan for financing needs.
Test: Budgetary Control - Question 10
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What is the term for a budget that remains fixed over a given period and does not change with the change in the volume of production or level of activity attained?
Detailed Solution for Test: Budgetary Control - Question 10
A fixed budget is a budget that remains fixed over a given period and does not change with the change in the volume of production or level of activity attained. It does not provide for any changes in expenditure based on changes in activity levels.
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Important Questions for Budgetary Control

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