Chapter Ten Assignment
Part One (minus one point per wrong answer for this part)
Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.
_____ 1. Budgeted income statement
_____ 2. Budgets
_____ 3. Budget variances
_____ 4. Capital acquisitions budget
_____ 5. Flexible budget
_____ 6. Budget slack
_____ 7. Master budget
_____ 8. Sales budget
_____ 9. Static budget
_____ 10. Income shifting
_____ 11. Management by exception
_____ 12. Zero-based budgeting
A. Differences between actual and budgeted amounts
B. A comprehensive planning document that incorporates a number of individual budgets
C. Approach in which managers only investigate exceptional variances
D. Set of budget relationships that can be adjusted to various activity levels
E. Setting budget targets that are easy to achieve
F. Moving income from one period to another to achieve budget targets
G. Method of budget preparation that requires each amount to be justified, even if it was supported in previous periods
H. Budget showing plans to purchase property, plant, and equipment
I. Formal documents that quantify a company’s plans for achieving its goals
J. A budget that is only valid for a single level of activity
K. Summarizes sales, cost of goods sold, and other expenses to project net income
L. First budget that is prepared since other budgets depend upon it
Part Two (minus ten points for incorrect answer)
Martinez Corporation’s sales of gizmos are 25% for cash and 75% on credit. Past collection history indicates that credit sales are collected as follows:
Month of Sale Month After Sale Second Month After Sale Uncollectible
30% 50% 15% 5%
In January, sales were $80,000 and February sales were $70,000. Projected sales for March are 3,000 gizmos at $13 each. Projected sales for April are 4,000 gizmos at $14 each. Calculate the budgeted cash collections for April.
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