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“How Smart Are You with Project Budgets? Take This Budget at Completion Quiz!”

Leave a Comment / By josephallay7122@gmail.com / November 2, 2025

Welcome to your “How Smart Are You with Project Budgets? Take This Budget at Completion Quiz!”

1. What does Budget at Completion (BAC) represent in project management?

A) The total cost spent so far

B) The total planned budget for the project

C) The remaining project budget

D) The profit expected after completion

None

2. Which of the following is included in Budget at Completion (BAC)?

A) Only direct labor costs

B) Only material costs

C) All planned costs for completing the project

D) Only project overhead costs

None

3. Which formula can help you estimate BAC during project execution using EVM?

A) BAC = AC × EV

B) BAC = (EV ÷ AC) × PV

C) BAC = PV + AC

D) BAC = EV + PV

None

4. What does “EV” stand for in Earned Value Management?

A) Estimated Value

B) Earned Value

C) Evaluated Variable

D) Economic Value

None

5. If a project’s planned value is $120,000, earned value is $80,000, and actual cost is $100,000, what is BAC?

A) $100,000

B) $96,000

C) $80,000

D) $120,000

None

6. What is the main purpose of calculating BAC?

A) To forecast total project budget needs

B) To estimate project duration

C) To calculate team performance

D) To determine project profit

None

7. What is the difference between BAC and EAC?

A) BAC is the original planned budget; EAC is the updated forecasted cost

B) BAC is the earned value; EAC is the actual cost

C) BAC is always greater than EAC

D) There is no difference

None

8. If BAC = $150,000 and EAC = $160,000, what does this indicate?

A) The project will finish under budget

B) The project is exactly on budget

C) The project will go over budget

D) The project is on schedule

None

9. Which of the following statements about BAC is true?

A) BAC changes frequently during the project

B) BAC is set during project planning and used as a baseline

C) BAC only applies to small projects

D) BAC is the same as profit margin

None

10. Why is it important to monitor BAC throughout the project?

A) To track changes in project staffing

B) To compare planned vs actual costs and prevent overruns

C) To estimate resource skill levels

D) To plan marketing activities

None

Time's up

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