Exam 8: Budget Planning and Implementation

Given the following standards, calculate the number of full-time equivalents (FTE) needed: One FTE: 480 minutes per work day Work standard: 30 minutes per request Volume per day: 40 requests FTE needed: ______________

The budget category that cannot be cut or reduced is __________________.

Which of the following wage and salary considerations is an impersonal cost?

The standard classification of expenditures and other budget transactions is called ____________.

In milestone budgeting, the budget periods are usually divided into equal cycles throughout the project (e.g., three-month periods).

In reviewing budget variances for the current budget year, a manager would give special attention to a line item that is over budget for the review period as well as over budget for the year.

Direct expenses include all of the following EXCEPT _______________.

The approach to budgeting in which the financial database of the immediate past year is increased by some given percentage for the coming year is termed ______________.

The best type of maintenance and repair plan for a department with mix of new and older equipment is the fee-for-service plan.

The planning approach usually associated with budgeting is ___________.