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Jean Inman Domain 3 Topic C highlighted topics - Questions with Explanations of Answers Latest Update
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Jean Inman Domain 3 Topic C highlighted topics - Questions with Explanations of Answers Latest Update

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  • June 16, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • jean inman domain 3 topic c highlighted topics q

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Jean Inman Domain 3 Topic C
highlighted topics
What is the purpose of budget development? - ✅✅-Gives managers a basis for
CONTROL

Steps for an operating budget? - ✅✅ -1. forecast sales or revenue (income) portion
(what will come in?) (prediction)
2. budget expenditures (labor, food, operating expenses) related to the projected
level of revenue

What is the purpose of a cash budget? - ✅✅-to determine if funds will be available
when needed

What does a capital budget include? - ✅✅
-expenditures whose returns are
expected to last beyond one year (expensive long-lasting things)

What is a traditional budget? - ✅✅-usually begins with this year's expenses plus an
inflation factor

What is a Zero-based (ZBB) budget? - ✅✅ -begin at 0. Must justify each expense.
past dollar allocations are NOT the basis of projections.
**planning oriented


✅✅
Prepared at one level of sales or revenue (no expected major change in patient or
customer count during the year) - -Fixed Budget


✅✅
adjusted to various levels of operation with varying levels of sales or revenues
throughout the year (changes in patient or customer count) - -Flexible Budget


✅✅
details what it costs to perform an activity (how much to supervise the cafeteria)
(mini budget inside of a big one) - -performance budget

Not affected by sales volume (number of people served), not directly evident in day

✅✅
to day activities, required for business to exist even if it produces nothing, cannot be
readily changed - -indirect (fixed) costs


✅✅
varies directly with changes in sales (revenue); directly involved in service to
customer - -direct, variable, flexible costs

Both a fixed and variable cost. Ex: labor - ✅✅-Semi-variable costs

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