1. Why is effective budgeting critical to a company’s success?
2. What is a flexible budget?
3. What types of organizations might use flexible budgets?
4. Why are flexible budgets useful?
5. What is a balanced scorecard?
6. What are variances and why do these occur?
7. What factors would you consider when deciding whether to investigate a variance?
8. Why is it important for management to understand how a budget is prepared?