Section 3 Assessment
Section 3 Assessment
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Allocation System for Budgeting Quiz
Allocation System for Budgeting Quiz
This assessment is a 5-questions interactive quiz comprising of multiple choices, true or false, and fill-in-the-blank that covers the concepts discussed in Section 3. You have unlimited attempts and no time limit to complete it. If you are pursuing the Finance and Financial Management Certificate, you must earn 85% or higher for this quiz to qualify towards unlocking the final exam.
Any questions you answer incorrectly will provide feedback to the right answers.
Q1: How many steps do we need in the checklist for building an effective financial reporting budget model?
a. 9
b. 8
c. 10
d. 12
→ Answer: c
Q2: What kind of decision is the Incremental Budget Model?
a. Centralized
b. Decentralized
→ Answer: a
Q3: What kind of decision is the RCM Budget Model?
a. Centralized
b. Decentralized
→ Answer: b
Q4: True or False: Budgeting allows one to plan for short AND long term expenses.
a. True
b. False
→ Answer: a
Q5: What are key traits that all budgets should have?
a. limited and restricting
b. bland and ordinary
c. complicated and hard to understand
d. flexible and personalized
→ Answer: d
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