Which of the Following Budgets Should Be Prepared Before the Others

question 90

Multiple Choice

Which of the following budgets should be prepared before the others listed?

• A)Cost of goods manufactured budget
• B)Cash budget
• C)Production budget
• D)Overhead budget

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Definitions:

Excise Tax

A tax charged on specific goods and services, such as tobacco, alcohol, and gasoline.

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of it that producers are willing and able to sell at various prices.

Consumer Surplus

The difference in the total amount consumers are capable of paying for a good or service versus what they really pay.

Producer Surplus

The divergence between what producers expect to get for a good or service and the actual compensation they receive.