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I am more concerned with taking out the potential of my team members than their
competitiveness. (True/False)
Question 2:
I just want to ahead in my career and overlook my relations with colleagues going ahead. (True/
False )
Question 3:
Question 4:
As a business manager you should at least technically know as much as your immediate
subordinates.(True/ False )
Question 5:
In presentations or motivation speeches I need to be prepared before rather than speaking on the
spot.(True/ False )
Question 6:
I learn more important things listening to other business managers at my level than to
subordinates.(True/ False )
Question 7:
Interacting with juniors is more important to me than time spent on my desk.(True/ False )
Question 8:
As a manager credit for successful project is given to subordinates and you don't think you
deserve the most as you only got the work done out of them.(True/False )
Ok, a true/false type questionnaire only outlines your qualities of manager but a multiple-choice
questionnaire confirms it...
How do you accurately estimate the time needed to complete a particular project? A team
member comes up to you and says, "We estimate that it will take approximately 4 months to
complete this project" Do you say: -
2. Bonus:
Suppose your team worked hard for 4 months to complete a project, how do you reward them?
b) A good at a nice restaurant with some gift and allow them to take a couple of weekends off to
get a decent work-life balance.
c) Depending on their evaluation report they will get returns only if they are there after few
months.
3. Teamwork Issues:
To be a good manager you need to manage your subordinates. Suppose some kind of grouping
arises within the team with one group refusing to cooperate with the other. Do you...?
a) Look out for the origination of the problem and solve it by reassigning the work or taking some
members out of the project.
b) Motivate them into the project by telling them the importance of the project.
4. Planning:
As a manager it is important to plan everything and also re-plan it when something goes out of
order. A management aptitude test tries to find out how do you plan. You may be asked a direct
question on your style of planning with options like these:
a) I plan my project and update it every day with the current progress.
b) I planned at the beginning but lost the track. Since project is going OK, I don't bother.
5. Rescheduling:
Suppose the project looses the schedule. How do you get a project back on schedule?
a) With frequent meetings with my team and minimum requirement specifications I will drop
features that seem hard to implement, document, debug and use.
6. Quality Assurance:
Do you access quality of the project you undertake and how do you cultivate this habit among
your team members?
a) I schedule time for QA as if done properly it requires bugs to be fixed and retesting to take
place
b) No, development process is our last stage. There is no clause of testing in our project.
7. Creativity :
a) Creative insight into how the company can radically improve its profitability even when it
means canceling your project
b) Creative insight into how your project can be finished two months earlier.
8. Organizational Structure:
Your organization is
Question 1
Which of the following budgets would not form part of the master budget?
a) Cash budget
b) Statement of profit or loss
c) Sales budget
d) Statement of financial position
Question 3
a) Labour budget
b) Cash budget
c) Materials budget
d) Expenses budget
Question 4
A crockery company makes china cups and saucers. How much clay would they need to buy if:
- a cup uses 100g of clay
- a saucer uses 150g of clay
- it plans to make 450,000 cups and 280,000 saucers
- there is no opening inventory
- it would like to have closing inventories of 4,000kg of clay?
a) 83,000kg
b) 99,500kg
c) 87,000kg
d) 91,000kg
Question 5
Calculate the production budget from the following data: sales 89,350 units; opening inventory
23,864 units; closing inventory 33,156 units.
a) 80,058 units
b) 146,370 units
c) 32,330 units
d) 98,642 units
Question 6
A business plans to make 15,000 coats per annum, each taking the 1.5 direct labour hours. If the
direct labour rate is $8 per hour and a pay rise of 15% is awarded halfway through the year, what is
the total annual direct labour budget?
a) $120,000
b) $193,500
c) $180,000
d) $207,000
Question 7
A firm has produced the following budget for an activity level of 200,000 units:
What would be the total cost for a level of activity of 225,000 units?
a) € 133,875
b) € 148,500
c) € 125,889
d) € 138,875
Question 10
What would be the most likely cause of an unfavourable labour rate variance together with a
favourable labour efficiency variance?
The budgetary period relates to the period for which the budget is
prepared. Although in most cases this will be a year, some
companies may adopt either a shorter or a longer period.
A fixed budget will be set for a specified level of activity and it will
not be changed as the actual activity level changes to reflect the
actual level of activity that is achieved. The budget will show the
costs of the department at the budgeted level of output and so any
variance between actual and budget will be made up of two factors:
(1) variations due to differences in output; and (2) variations due to
differences in unit cost.
9. A company has made the following budget forecasts for next year:
£
Opening cash balance 1 January 24,000
Net profit from trading for the year 100,000
Payment of tax 25,000
Payment of dividends 20,000
Purchase of new fixed assets 70,000
Annual depreciation charge 22,000
1 January £ 31 December £
Stocks 32,000 35,000
Debtors 41,000 28,000
Creditors 16,000 31,000
No other relevant information is available. What is the company's
budgeted cash holding at 31 December next year?
10. The budgeted sales for the next four quarters are £192,000,
£288,000, £288,000 and £336,000 respectively. It is estimated that
sales will be paid for as follows:-75% of the total will be paid in the
quarter that the sales were made. Of the balance 50% will be paid in
the quarter after the sale was made. The remaining 50% will be paid
in the quarter after this. The amount of cash received in the third
quarter will be:
As finished stocks are held at the beginning and end of each month
we cannot simply produce sufficient stock to meet the expected
sales for May. In April we would need to produce 600 units as well as
meeting the stock requirements for May of 136 units (20% of 680).
In May we will have to produce enough to meet the demand for May
of 680 units together with meeting the stock requirements for the
beginning of June (20% of 750 units). We would, however, need to
take account of the opening stocks that exist at the beginning of May
We can schedule the production as follows:-
April May
Sales 600 680
April May
12. The following results are available for the production department of
Gizmo ltd for May:
If the original budget was flexed the overall cost variance would be:
Flexing the budget means that we would change the budgeted costs
in relation to the actual output for the month. This would mean
multiplying all variable costs by 12/10 as actual output was 12,000
units and budgeted output was 10,000 units. This can be shown by
simply adding a ‘flexed budget’ column to our initial data:-
Budget
Flexed Bud Actual
10,000 units
12,000 units 12,000 units
£ £ £
13. If actual output is lower than budgeted output which of the following
costs would you expect to be lower than the original budget?
14. When a production budget is being prepared the quantity that needs
to be produced is calculated by the following equation:
Your Answer: Quantity sold plus closing stock less opening stock
15. The master budget will comprise:
Correct Answer: The cash budget, the budgeted profit and loss
account and the budgeted balance sheet