Critical Thinking Questions Case 3-1 Bea Is the Best Pie

question 37

Multiple Choice

Critical Thinking Questions Case 3-1 Bea is the best pie baker around. She has decided to go into business and takes a survey in her town to find out what types of pies are favorites. She decides to record her data in a workbook to present to the bank when she seeks a loan for her business startup costs. Naturally, Bea wants a Pie chart in her workbook. She would like each slice to represent the different types of pies she plans to sell and show this on a 3-D Pie chart. Bea has completed adding the results of her survey to the worksheets. The types of pies will be on each slice. Which statement is true about the number of people who voted on each type of pie?

• A)The number of people determines how many slices are in the pie.
• B)The number of people determines the color of each slice.
• C)The number of people determines the sizes of the slices.
• D)The number of people determines the whether the chart is on a separate sheet.

Understand the concepts of budget slack and goal conflict in budget preparation.

Calculate staffing requirements and budgeted expenses for sales clerks based on projected sales.

Assess how budgeting aids in planning, directing, and controlling an organization's financial health.

Comprehend the process of preparing a master budget and its components.

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Definitions:

Ledger

A comprehensive collection of a company's financial accounts, where all transactions are recorded.

Transactions

Acts of buying, selling, transferring, or exchanging goods, services, or funds between two or more parties.

Fiscal Year

A one-year period chosen for accounting purposes, which may or may not align with the calendar year.