Which of the following strategies should you consider when creating your budget? Select all that apply.1 pointDisregard historical dataBaseline your budgetDocument all costsTime-phase your budget

Select all that applyIdentify the characteristics of the budgeting process.Multiple select question.Records financial transactions in their historical cost.Uses managerial accounting concepts.Uses financial accounting concepts.Provides a benchmark in order to compare actual performance results.Creates a financial plan for the organization.

What is the first step in creating a budget?*1 pointSetting financial goalsTracking all income and expensesCutting unnecessary expensesOpening a savings account

1.Question 1Mary Jones wants to set up a monthly budget for her family. What are the pieces of information she should include? (Select all that apply.)1 pointChecking Account InformationExpensesIncomeCash Flow2.Question 2Kelly wants to create a family budget but is not sure how to set up the information and wants it to be the quickest option. Which option should she use?1 pointMake the budget from scratch on a blank spreadsheet.Open a template within ExcelDownload the latest Budgeting App on her Smartphone.3.Question 3Dan is looking to create a graph of where his spending is going in a single month. What piece of information does he have for his expense section to do this?1 pointDate the expense was documented.The difference in the planned and the actual expenses for the month.The difference in the planned and the actual income for the month.Percentage of how much of the expense is of his total expenses.4.Question 4Let's say you want to find the 3 biggest spend categories for your family in the budget. What is the best way to see that information?1 pointReviewing your checkbook entry to see what the three biggest checks you wrote for the month was.Creating a file with the most expensive bill for the month in the front and putting them in orderCreate a pie graph to see what the 3 largest slices are for your expensive.Looking at your budget spreadsheet and seeing the largest amounts you spent.5.Question 5You have entered your planned expenses and actual expenses for the month. You want to write a formula to see if you are over budget or under budget. Which of the formula below is the best one for this equation?1 point=Planned Income-Actual Income=Actual Income-Planned Income=Planned Expense-Actual Expense=Actual Expense-Planned Expense6.Question 6You have a blank spreadsheet and want to create a family budget by month on the worksheet. How should you set up your entries?1 pointWith just amounts and no differential information to see what it wasIn date order as they occurred like a checkbook ledgerSeparate sections for Income and Expenses with each showing planned vs actual and their difference.7.Question 7If you want to set up yearly budget tracking, can you do this all at once, say at the beginning of the year?1 pointNoYes8.Question 8You want to set up a formula to see what the amount of income your family had for the year on your yearly budget. Which of the following formula would you use?1 point=Actual Income-Planned Income='January'!C5+'February'!C5+'March'!C5+'April'!C5+'May'!C5+'June'!C5+'July'!C5+'August!C5+'September'!C5+'October'!C5+'November!C5+'December'!C5=Actual Income+Actual Income=Planned Income-Actual Income9.Question 9You want to find a template to create a budget. You are in the new file area, how do you find the type of template you need?1 pointOpen a blank spreadsheet and locate the template you need there.Type "budget" in the search bar located on the top of the new file page.Look at the list of spreadsheets below and pick the best one.10.Question 10You want to take multiple rows and create a large row for a title on your budge. What is the command you use?1 pointCenterMergeBordersFormat

When preparing a performance report, flexing the budget is necessary in order to:Multiple choice question.adjust the budget at the beginning of the periodidentify the cost behavior pattern of the budgeted itemscalculate more accurate variancesadjust actual results so that they are closer to budgeted amounts

After reviewing the two resource materials, place the budget-starting steps below into the best order:Categorize expenses and predict next month's expenses.Write down how much you spent in a month.Determine how much you bring home monthly (after taxes).Find ways to reduce spending in high dollar categories.