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Financial Management and Information
Quick questions on Budgets and variance analysis explained: H2 Management of Business
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is variance analysis?Show answer
A variance is the difference between a budgeted figure and the actual outcome:
What is q1?Show answer
State two purposes of setting a budget. [2 marks]
What is q2?Show answer
A department budgeted \50{,}000 of costs but spent \46{,}000. State and explain the variance. [3 marks]
What is q3?Show answer
Analyse why a manager should investigate the cause of a variance before taking action. [6 marks]
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