Managing by Budget Quiz

Managing By Budget

The following quiz is to test your comprehension after reviewing the Managing By Budget module found at www.hopeuniversity.net

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* 1. What does managing by budget enable HOPE to do?

Shape stability and growth

Reduce team size

Increase expenses

Ignore financial goals

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* 2. Why does managing by budget matter? Select all that apply.

Plan ahead

Anticipate needs

Deliver services on time

Ignore team communication

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* 3. What are the two basic components of budgets?

Income and expenses

Revenue and profit

Assets and the general ledger

Investments and savings

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* 4. What are examples of income for HOPE? Select all that apply.

Fees or rent collected

Government funding or grants

Donations

Staff salaries

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* 5. What are examples of expenses for HOPE? Select all that apply.

Maintenance and repairs

Staff salaries

Events

Donations

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* 6. What should team members do to ensure they are on track with their budget?

Review the budget vs actuals

Ignore budget discrepancies

Increase expenses

Delay financial reporting

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* 7. What is the importance of communicating early and often in budget management?

To adjust plans and keep the team aligned

To avoid team meetings

To increase personal workload

To delay decision making

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* 8. What does the annual budget reflect for HOPE?

Expected activity

Unexpected expenses

Personal expenses

Unplanned income

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