WI530 FINANCIAL MANAGEMENT I
WI530 FINANCIAL MANAGEMENT I
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WI530 FINANCIAL MANAGEMENT I
Week 10 Knowledge Check
Question 1Rachel is the Division Controller for an Environmental Consulting firm that performs environmental services for a number of government agencies. All regional groups roll up their budget to her and she is responsible for finalizing it, disbursing to everyone for review, and providing an analysis of variances once the actual results are available. Last month, while reviewing the actual results, she noticed that the revenue planned for the engineering group was $350K less than what they had planned for. As a result, it caused the entire Division to significantly miss their net income profit goal for the month as well. Linda has to prepare her analysis of results for their next executive management meeting and wants to ensure that she adequately explains why they did not meet the planned profit goals. What should she do:
Question 2Which of the following are goals of the Budgeting Process:
Question 3Differences that exist between the planned budget and actual results are referred to as what?
Question 4Budgets are estimates and educated guesses about the future.
Question 5Archer Electronics is preparing its annual budget, and your department is working on the cash flow budget. Here is selected information you have:
Description June July August
Sales $348,000 $438,000 $450,000
The company makes 10% of its sales for cash and 90% on credit. Of the credit sales, 20% are collected in the month after the sale and 80% are collected two months after. The cash receipts for August are:
Question 6When prepar Read More
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