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Chapters
2: Marketing and Sales
3: Advertising and Sales Promotion
4: Consumer Protection
5: E-Commerce
6: Capital and Revenue Expenditure/Income
7: Final Accounts of Sole Proprietorship
8: Fundamental Concepts of Cost
▶ 9: Budgeting
10: Sources of Finance
11: Recruitment, Selection and Trading
12: Industrial Relations, Trade Union and Social Security
13: Logistics and Insurance
14: Banking
15: Striving for a Better Environment
![Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE chapter 9 - Budgeting - Shaalaa.com](/images/commercial-studies-english-class-10-icse_6:e190f9ef8ead423ca393c01efdea7c6c.jpg "Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE chapter 9 - Budgeting")
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Solutions for Chapter 9: Budgeting
Below listed, you can find solutions for Chapter 9 of CISCE Goyal Brothers Prakashan for Commercial Studies [English] Class 10 ICSE.
Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE 9 Budgeting EXERCISES [Pages 144 - 147]
MULTIPLE CHOICE QUESTIONS
______ budget contains details about the quantity and quality of various things which the firm needs to purchase during the coming year.
Cash Budget
Purchase Budget
Master Budget
Sales Budget
Which of the following is not the part of master budget?
Cash Budget
Production Budget
Sales Budget
None of these
Which budget is also known as summary budget?
Cash Budget
Purchase Budget
Master Budget
Sales Budget
Production budget is dependent on ______.
Cash Budget
Cash Budget
Master Budget
Sales Budget
Sales budget shows the sales details as ______.
Month wise
Product wise
Area wise
All of the above
______ is a detailed budget of cash receipts and cash expenditure incorporating both revenue and capital items.
Cash Budget
Master Budget
Sales Budget
Production Budget
A budget is tool which helps the management in planning and control of ______.
All business activities
Production activities
Purchase activities
Sales activities
Which budget forms the fundamental basis on which all other budgets are built up.
Cash Budget
Purchase Budget
Master Budget
Sales Budget
Budgeting is the process of preparing ______.
Forecast
Budgets
Trends
None of these
The starting point in preparation of master budget is ______.
Cash Budget
Purchase Budget
Master Budget
Sales Budget
A ______ is a quantitative plan prepared in advance for a future time period.
Forecast
Budget
Trend
None of these
Budgets are an important tool of ______.
Planning, co-ordination
Motivation and control
Capital and cash
Price determination
A budget relates to a ______ period.
Future
Historical
Present
None of these
It is the basis for preparing plans and budgets.
Forecast
Production
Trend
Sales
Production budget is prepared to achieve which of the following objectives?
To plan and organise the production programme for achieving the sales target.
To serve as a basis for preparation of production cost budgets, e.g., materials cost budget, labour cost budget, etc.
To prepare a cash forecast.
All of these
It helps to ensure that the required items are available as and when needed for smooth functioning of the business.
Cash Budget
Purchase Budget
Master Budget
Sales Budget
This budget is a summary statement of the firm's expected inflows and outflows of cash over a future time period.
Cash Budget
Purchase Budget
Master Budget
Sales Budget
A ______ is a judgement that can be made by anybody while a ______ is a plan that requires authority of management.
Budget, forecast
Forecast, budget
Trends, plans
Plans, trends
A ______ represents a state of control. On the other hand, a ______ represents events over which no control can be exercised.
Budget, forecast
Forecast, budget
Trends, plans
Plans, trends
A ______ is an estimate of probable events that can be made by anybody.
Budget
Forecast
Efficiency
Liquidity
The ______ budget is a summary of all the budgets.
Cash
Sales
Master
Production
The process of preparing budgets is known as ______.
Budgeting
Banking
Marketing
Pricing
The ______ budget contains an estimate of the total volume of production week wise, month wise and product-wise.
Production
Purchase
Cash
Sales
Select the correct statement(s) about the master budget.
It is a summary of all budgets.
This budget requires the approval of the Budget Committee before it is put into operation.
A careful analysis of the needs of all administrative departments of the enterprise is necessary.
The overall objective of a master budget is to enable the firm to prevent accumulations of excess cash balance.
Which factors are taken into consideration while preparing production budget?
The estimate of the number of units to be produced during the budget period.
Estimate of number of units to be sold.
Determining the future cash requirements of the firm.
Planning for financing of the cash requirements
Which of the following is/are not the utility of budgets?
Sound Planning
lnflexibilty
Effective control
Expenditure
Which of the following are utility of budgets?
Sound planning
Delegation of authority
Hide inefficiencies
Inaccurate
A cash budget is helpful in ______.
The estimation of the number of units to be produced during the budget period.
Estimation of number of units to be sold.
Determining the future cash requirements of the firm.
Planning for financing of the cash requirements.
Budgets bring ______ to the working of a business firm.
Efficiency
Economy
Consistency
Flexibility
SHORT ANSWER QUESTIONS
Explain the term 'budget'.
What is a Master Budget?
What is a cash budget?
Explain 'sale budget'.
State two limitations of a budget.
What is a cash flow statement?
Give three advantages of a cash flow statement.
Discuss the advantages of budgets.
Distinguish between cash budget and cash flow statement.
Distinguish between production budget and material budget.
Distinguish between budget and forecast.
State any two factors to be kept in mind while preparing the sales budget of an organisation.
Distinguish between budget and forecast.
Why is a Master Budget also known as a Summary Budget?
Distinguish between a Production Budget and a Sales Budget.
LONG ANSWER QUESTIONS
Explain the main types of budgets used in business enterprises.
Discuss the advantages of budgets.
State two limitations of a budget.
Distinguish between a funds flow statement and a cash flow statement.
Give three advantages of a cash flow statement.
Explain the limitations of a cash flow statement.
How can the management of an organisation use the budgetary control system for planning and control?
What is a Budget?
Discuss any eight uses of a budget to a business enterprise.
Discuss the advantages of budgets.
Discuss the advantages of budgets.
Explain the main types of budgets used in business enterprises.
OR
Discuss the advantages of budgets.
Distinguish between budget and forecast.
Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE 9 Budgeting QUESTION BANK [Pages 147 - 149]
Distinguish between cash budget and cash flow statement.
Distinguish between a Production Budget and a Sales Budget.
Distinguish between production budget and material budget.
Distinguish between budget and forecast.
Discuss the advantages of budgets.
Why is a Master Budget also known as a Summary Budget?
State two limitations of a budget.
What are the factors to considered while preparing sales budget.
Write short note on Purchase Budget.
Write short note on Capital Expenditure Budget.
Solutions for 9: Budgeting
Goyal Brothers Prakashan solutions for Commercial Studies [English] Class 10 ICSE chapter 9 - Budgeting
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Concepts covered in Commercial Studies [English] Class 10 ICSE chapter 9 Budgeting are Budgeting, Comparison Between Budgeting and Forecasting, Types of Budgets, Utility of Budgets, Limitations of Budgets, Cash Flow Statement, Distinction Between Funds Flow Statement and Cash Flow Statement, Merits and Demerits of Cash Flow Statement.
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