FNSACC412 QUIZ 1-4 QUESTIONS AND VERIFIED ANSWERS | 2026 UPDATE - MONARCH INSTITUTE.

FNSACC412 QUIZ 1-4 QUESTIONS AND VERIFIED ANSWERS | 2026

UPDATE - MONARCH INSTITUTE.




MONARCH
INSTITUTE




Started on Wednesday, 29 May 2025, 10:44 AM
State Finished
Completed on Wednesday, 29 May 2025, 11:13AM
Time taken 29 mins 37 secs
Marks 20.00/21.00
Grade 95.24 out of 100.00
Feedback Sensational! - You have shown an in-depth understanding of this
material, and have achieved an excellent result. Well done.



Question 1
Budgets are used for planning, control, organising and which other
Correct important role?
Mark 1.00 out of
1.00 Select one:
a. Discipline

b. Nice to know information

c. Motivation

d. Reprimand




Question 2
True or false:
Correct Inferential statistics is concerned with making interpretations and
Mark 1.00 out of predictions on a whole population based on information collected
1.00
from a sample of the total population.

Select one:
True

False

,29/05/2024, 11:14 FNSACC412 Quiz 1B - review




Question 3
True or false:
Correct
Descriptive statistics is concerned with presenting the
Mark 1.00 out
of characteristics of large masses of data in a convenient, easy to
1.00 interpret manner.

Select one:
True

False




Question 4
True or false:
Correct Qualitative forecasting techniques are commonly used when
Mark 1.00 out of historical data is not available. Qualitative forecasts are subjective
1.00 and judgemental.
Select one:
True

False




Question 5 Asecular trend identifies:
Correct
Select one:
Mark 1.00 out of
1.00 a. a secondary regression analysis of data.

b. a sectional analysis of the data

c. the underlying trend

d. the definite immediate or short term direction within a section
of the data

,29/05/2024, 11:14 FNSACC412 Quiz 1B - review




Question 6
Businesses are subject forecast risk because of the inherent
Correct uncertainty of all future events. Which one of the following is not
Mark 1.00 out of usually considered a business forecast risk?
1.00
Select one:
a. Prior year actual sales

b. Economy

c. Competition

d. Cash flow




Question 7
Which one of the following is not an advantage of using budgets?
Correct
Select one:
Mark 1.00 out of
1.00 a. Simple measure for termination of employees who do not
achieve budget. v

b. Aids achievement of organisation goals

c. Forces managers to plan ahead

d. Provide a framework for performance evaluation




Question 8
The usual correct sequence of steps for a budgeting process is:
Correct
Select one:
Mark 1.00 out of
1.00 a. Implement forecast>determine variables>set time
horizon>decide forecast method>collect data>prepare the
forecast>set objectives

b. Set objectives>determine variables>set time horizon>decide
forecast method>collect data>prepare the forecast>implement
forecast ¢

c. Determine variables>prepare the forecast>set time
horizon>decide forecast method>collect data>implement
forecast>set objectives

d. Set objectives> implement forecast>determine variables>set
time horizon>decide forecast method>collect data>prepare the
forecast

, 29/05/2024, 11:14 FNSACC412 Quiz 1B - review




Question 9
True or false:
Correct The only stakeholder with a vested interest in the budgeting process
Mark 1.00 out of is management.
1.00
Select one:
True

False v




Question 10
Which one of the following is not a primary data source:
Incorrect
Select one:
Mark 0.00 out of
1.00 a. Personal interview

b. Industry association survey

c. Mailed questionnaire x

d. Telephone survey




Question 11
True or false:
Correct Static budgets are “comparison style” budgets prepared to identify
Mark 1.00 out of performance at more than one level of activity.
1.00
Select one:
True

False v




Question 12
True or false:
Correct Fixed costs remain unchanged within the relevant range of activity
Mark 1.00 out of or over a specific time period.
1.00
Select one:
True

False




arn