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Numeric Problems (2 @ 10 = 20)
1. Last year the price for thermometer covers in a pediatrician’s office was $.05 each. This year, the covers cost $.06 each. If the office purchased 10,000 thermometer covers this year, what is the price variance?
2. Using the information in the table below, calculate the amount of the favorable price variance.
Cost per unit
Short Answer Problems (1 @ 10 = 10)
3. When would it make sense to use a flexible budget as compared to a forecast budget?
Multiple Choice Problems (4 @ 5 = 20)
4. ________________ is a phase of management that is longer than budgeting, but shorter than planning.
D. None of the above
5. Budgets normally cover a period of:
A. 5 years
B. 2 years
C. 3 years
D. 1 year
6. Which of the following is part of a statistics budget?
A. Output expectations
B. Responsibility for estimation
C. Estimation methodology
D. All of the above
7. The following is an example of a _____________ budget:
“The budget for the radiology department is different at 90 percent occupancy than at 80 percent occupancy.”
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