___________ Utility Refers to Having Products Available Where They Are

question 22

Multiple Choice

___________ utility refers to having products available where they are needed by customers.

• A)Possession
• B)Time
• C)Place
• D)Form

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Definitions:

Master Budget

A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.

Sales Budget

A financial plan detailing the anticipated revenues based on projected sales for a specific period, often used for planning and controlling purposes.

Operating Budget

An estimate of income and expenditure for a set period of time.

Production Budget

An estimate of the total cost of production, including materials, labor, and overhead, for a specific period.