Quiz in Business Finance Taylor 3-4

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  QUIZ IN BUSINESS FINANCE Name________________________________________ Section_______________Score________ I.   CLASSIFICATION. Write the word STRATEGIC if the statement relates to long-term planning, and TACTICAL if short-term planning. (10 points)  _______________ 1. Set of goals that lay out the overall direction of the company.  _______________ 2. Two to 10 years.  _______________ 3. Focuses on the everyday functioning of the company.  _______________ 4. Specific steps and actions that will ultimately reach the company’ s long-term goals.  _______________ 5. Persons involved are the top management.  _______________ 6. One year or less.  _______________ 7. Less detailed.  _______________ 8. Persons involved are the top management with the help of lower level management.  _______________ 9. More detailed.  _______________ 10. Focuses on the overall direction of the company. II.   Arrange the steps in planning, write 1 for the first step, 2 for the second step, and so on. (7 points)  _______ Identify goal-related tasks  _______ Monitoring and controlling  _______ Set goals/ objectives  _______ Determine contingent plans  _______ Execution of plan  _______ Identify resources  _______ Create responsibility centers and timeline III.   Prepare a production budget based on the forecasted sales and given additional information before the table. (12 points) Given: -   Company would like to maintain  100 units  in its ending inventory at the end of January,  200   units  at the end of February, and 300   units  at end of March. -   Beginning inventory at the start of January amounts to 50   units.    IV.   Prepare a cash budget based on the sales budget and additional given information before the table. (25 points) Given: -   Assume the selling price is P50/unit . -   Sales for each month are expected to be collected as follows: a.   Month of sale: 50%  b.   A month after sale: 30%  c.   2 months after sale: 20%  MONTH  January February March April May Projected Sales 5000 5600 5700 6000 8000 Sales in Pesos Collection- current month sales Collection- previous month sales Collection- two months prior sale Total Collection from sales V.   Bonus points (6 points) Name one of your favorite OPM songs and write at least 5 lines of the song. Test 1- ____/10   Test II- ____/ 7 Test III- ____/12 Test IV- ____/25 Test V- ____/ 6 Total - ____/60 points    January February March Projected Sales 1,000 1,500 3,500 Target Ending inventory Total Beginning inventory Required production
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