These are sample practice MCQs created for exam preparation. These are NOT official exam questions.
FY2022 BUDGET: Total $2.5M allocated as: Product Development 35%, Sales & Marketing 40%, Operations 15%, Administration 10%. MID-YEAR REPORT: Product Development spent $950K. FINANCE ALERT: "Departments exceeding budget by >10% must submit revised forecasts." Does Product Development need to submit a revised forecast?
Question:
FY2022 BUDGET: Total $2.5M allocated as: Product Development 35%, Sales & Marketing 40%, Operations 15%, Administration 10%. MID-YEAR REPORT: Product Development spent $950K. FINANCE ALERT: "Departments exceeding budget by >10% must submit revised forecasts." Does Product Development need to submit a revised forecast?
FY2022 BUDGET: Total $2.5M allocated as: Product Development 35%, Sales & Marketing 40%, Operations 15%, Administration 10%. MID-YEAR REPORT: Product Development spent $950K. FINANCE ALERT: "Departments exceeding budget by >10% must submit revised forecasts." Does Product Development need to submit a revised forecast?
Options
Answer: (C) No, overspent by only 8.6%
Explanation:
Product Development budget = $2.5M × 35% = $875K. Mid-year spent = $950K. Overspend = ($950K - $875K)/$875K = $75K/$875K = 8.57%. This is under 10% threshold.
Explanation:
Product Development budget = $2.5M × 35% = $875K. Mid-year spent = $950K. Overspend = ($950K - $875K)/$875K = $75K/$875K = 8.57%. This is under 10% threshold.
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