1) Which option is not a responsibility of a finance function? a) Financial Transactions b) Financial Reports and Statements c) Shareholder decisions d) Accounts Management e) Capital Management & Treasury 2) Which statement is correct? a) Financial and Management Accounting are both different functions of Sales Management. b) Financial Accounting is focused on past transactions. Management Accounting is focused on the future. c) Financial Accounting is focused on the future. Management accounting is focused on the past.  d) Fixed assets can easily be converted to cash. e) Bottom line refers to gross profit.  3) Which statement is correct? a) Budgets tell you where management wants to take the company, whereas forecasts helps you understand if it is heading in the right direction. b) Fixed and Static budgets are different sub budgets of a master budget. c) Forecasts tell you where management wants to take the company, whereas budgets helps you understand if it is heading in the right direction. d) Performance Budget measures the individual employee performances. 4) Which statement is NOT correct for variance analysis? a) Variance analysis is calculating and analysing the differences between actual results and the budget. b) Positive / Favourable variance refers to results worse than expected. c) Cost assumptions or cautious sales can result in favourable variances. d) Overspending can cause adverse variances. e) Over optimistic sales forecasts can result in adverse variances. 5) Which is NOT part of the budgetary control process? a) Establish agreed budgets b) Measure actual performance c) Identify and analyse variances d) Review Budget e) Prepare reports for shareholders

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