Budgeting and Forecasting Trivia Quizzes for Practice

61. What is moving average?

1. The average of the most recent data points in a time series
2. A forecast based on the most recent observation
3. A forecast based on expert opinion
4. A forecast based on regression analysis

62. What is exponential smoothing?

1. A forecasting method that gives more weight to recent data points
2. A forecasting method that uses all historical data equally
3. A forecasting method that is based on trend and seasonality
4. A forecasting method that is based on expert opinion

63. What is regression analysis?

1. A statistical method used to identify the relationship between two or more variables
2. A forecasting method that uses historical data to identify patterns and trends
3. A forecasting method that uses expert judgment and opinion
4. A forecasting method that is based on mathematical models

64. What is a dependent variable in regression analysis?

1. The variable that is being predicted
2. The variable that is used to predict the dependent variable
3. A variable that is not related to the dependent variable
4. A variable that is constant

65. What is an independent variable in regression analysis?

1. The variable that is being predicted
2. The variable that is used to predict the dependent variable
3. A variable that is not related to the dependent variable
4. A variable that is constant

66. What is the coefficient of determination (R-squared)?

1. A measure of how well the regression line fits the data
2. A measure of the variability of the data
3. A measure of the trend in the data
4. A measure of the seasonality in the data

67. What is a production budget?

1. A plan for production activities
2. A forecast of expected sales revenue
3. A plan for cash inflows and outflows
4. A plan for capital expenditures

68. What is forecasting error?

1. The difference between the actual value and the forecasted value
2. The difference between the budgeted amount and the actual amount
3. The difference between the planned and actual activity levels
4. The difference between the actual sales and the budgeted sales

69. What is mean absolute deviation (MAD)?

1. A measure of the average absolute forecast error
2. A measure of the variability of a time series
3. A measure of the trend in a time series
4. A measure of the seasonality in a time series

70. What is mean squared error (MSE)?

1. A measure of the average squared forecast error
2. A measure of the variability of a time series
3. A measure of the trend in a time series
4. A measure of the seasonality in a time series

71. What is root mean squared error (RMSE)?

1. The square root of the mean squared error
2. A measure of the variability of a time series
3. A measure of the trend in a time series
4. A measure of the seasonality in a time series

72. What is a cash budget?

1. A plan for cash inflows and outflows
2. A forecast of expected sales revenue
3. A plan for production activities
4. A plan for capital expenditures

73. What is a capital budget?

1. A plan for capital expenditures
2. A forecast of expected sales revenue
3. A plan for production activities
4. A plan for cash inflows and outflows