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Subjects

Business Studies

Budget

In Class 12 Business Studies, the topic Budget in the chapter Planning explains how an organisation expresses its expected activities and results in numerical terms for a specific period. Students learn how budgets support planning, coordination and control by setting targets, allocating resources and comparing actual performance with planned figures. The topic also helps them understand how deviations can guide corrective action and improve managerial decision-making.

Medium · Level 2 · 25 questions

TOPIC PRACTICE

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Up to 25 questions from this page. Select your focus, then start.

25 questions

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  1. Standards provide a basis for comparison
  2. Standards remove all expenses
  3. Standards make plans oral
  4. Standards change tax laws
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  1. Production will always stop
  2. Need for records will end
  3. Storage cost and blocked capital
  4. Cash receipts will always double
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  1. Customer demand may not be met
  2. All costs will end
  3. Excess stock will certainly be created
  4. Sales will always remain zero
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  1. Because variable cost changes with activity
  2. Because fixed cost always changes
  3. Because no records are needed
  4. Because tax is always zero
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  1. Expense not changing immediately with activity level
  2. Cost changing per unit
  3. Only sales commission
  4. Raw material expense
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  1. Poorer result or higher cost needs investigation
  2. Budget is always wrong
  3. Report has no use
  4. Organization should be closed
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  1. Need and available resources
  2. Employee personal preference
  3. Popularity of old slogan
  4. Office decoration
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  1. It should be repeated fully without change
  2. It should be used as a base and adjusted for current conditions
  3. It should always be ignored
  4. It should be kept only for decoration
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  1. It can plan better use or investment of funds
  2. It can stop all records
  3. It can remove targets
  4. It can make all expenses uncontrolled
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  1. Hide the problem
  2. Arrange extra finance or reduce expenses
  3. Stop all sales
  4. Avoid budget review
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  1. Regular business operations
  2. Only permanent building purchase
  3. Owner personal travel
  4. Legal name change
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  1. Employees may not understand targets and limits
  2. All targets will be achieved automatically
  3. Expenses will completely stop
  4. Variance will never occur
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  1. When targets are clear and achievable
  2. When targets are hidden and impossible
  3. When there is no comparison
  4. When responsibility is not fixed
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  1. Quality or essential work may be affected
  2. All sales will surely increase
  3. Customers will always be satisfied
  4. There will be no risk
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  1. To handle unexpected expenses
  2. To remove all estimates
  3. To guarantee profit
  4. To make the budget oral
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  1. Lower spending is always good
  2. It should be rewarded without checking
  3. Reasons and results of lower spending should be reviewed
  4. Budget is not needed
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  1. The plan may become unrealistic
  2. All costs will end
  3. Production will not be needed
  4. Management control will end
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  1. It aligns departmental targets and resources
  2. It separates departments without targets
  3. It stops all reports
  4. It only writes rules
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  1. To meet statutory obligation on time
  2. To stop sales
  3. To hide employee salary
  4. To reduce production
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  1. To plan timely payment of due amount
  2. To remove loan from records
  3. To make all expenses zero
  4. To remove sales estimate
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  1. Because it can improve employee skill and productivity
  2. Because it stops all expenses
  3. Because it is only cash receipt
  4. Because it removes tax
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  1. Because understanding and repeating the reason is useful
  2. Because favourable variance is always a loss
  3. Because report becomes useless
  4. Because budget ends
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  1. Expenses may be underestimated
  2. Cash will always remain surplus
  3. Costs will automatically decrease
  4. There will be no variance
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  1. Because profit and cash are not the same
  2. Because sales are always cash
  3. Because collection has no importance
  4. Because expense never comes later
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  1. Taking only optimistic estimates
  2. Estimating only on fear
  3. Using real data and reasonable forecasting
  4. Writing estimates without checking

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