Which of the Following Is Not Necessarily an Element of a Good

question 8

Multiple Choice

Which of the following is not necessarily an element of a good forecast?

• A)estimate of accuracy
• B)timeliness
• C)meaningful units
• D)low cost
• E)written

Apply flexible budgeting to various components of the master budget.

Understand the principles of management by exception.

Grasp the role of activity indexes in budgeting.

Identify the characteristics of a responsibility accounting system.

---

Definitions:

Product Promotion

A marketing strategy aimed at increasing consumer awareness of a product or brand, generating sales, and creating brand loyalty.

Product Differentiation

The method of differentiating a product or service from competitors in the marketplace to increase its appeal to a specified target audience.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical, allowing for some degree of market power and product differentiation.

Economic Profits

Economic profits are the excess returns over the total costs, including both explicit and implicit costs.