Financial Planning Models

question 213

Multiple Choice

Financial planning models:

• A)are mathematical representations of the relationships affecting the budget process.
• B)are not useful for sensitivity analysis.
• C)are used for non-financial aspects of budgeting.
• D)are not used in the budgeting process

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Definitions:

Standard Time

The predetermined duration expected to finish a certain task or job under usual working circumstances.

Variable Allowance

Refers to the additional time factored into tasks or jobs to account for various unpredictable factors that could affect the time required to complete a task.

Rubber Gasket

A mechanical seal that fills the space between two or more mating surfaces, generally to prevent leakage from or into the joined objects while under compression.

Pneumatic Wrench

A tool powered by compressed air used for tightening or loosening nuts and bolts with high torque.