Question
There can be a variety of budget. Name the budget which
relates to a particular function of the business. Refer to the following information to answer the next 4 questions (Q 23 to Q 26) A budget is a financial blueprint that plays a fundamental role in the strategic management of finances for individuals, businesses, and governments. It serves as a comprehensive plan, projecting anticipated income and allocating funds to various expenses over a specific period, typically a fiscal year. The primary objectives of a budget are multi-faceted. It serves as a planning tool, enabling the establishment of financial goals and the systematic allocation of resources to meet these objectives. Moreover, budgets provide a framework for financial control by allowing individuals and organizations to compare actual financial performance against the budgeted figures, facilitating adjustments and corrective measures as needed. Beyond control and planning, budgets foster financial accountability and transparency. They create a structured approach to financial decision-making, aligning expenditures with priorities and strategic objectives. A well-constructed budget encourages financial discipline by setting clear expectations and promoting responsible resource management. It also serves as a communication tool, ensuring that stakeholders within an organization are on the same page regarding financial expectations and constraints. Furthermore, budgets contribute to emergency preparedness by allocating funds for unforeseen circumstances, thereby enhancing financial resilience. They facilitate goal alignment, directing financial resources toward achieving specific targets, whether it be saving for a major purchase, reducing debt, or investing in growth opportunities. In addition, budgets support effective debt management by incorporating debt repayment into the financial plan. They also play a crucial role in performance evaluation, allowing for regular assessments of financial results and the adjustment of strategies and goals accordingly.Solution
Functional Budgets – is one which relates to a particular function of the business. Example, Sales Budget, Production Budget among others.
Members of LinkedIn are known as:
An ad for Mother's soup reads, "That great taste your family has always loved, is still here." This is an example of _____ advertising.
Customer churn means:
A supplier gains power when the product is:
Which of the following is a commonly used method of classifying retail outlets?
A major difficulty in classifying products by type of user is that some products can be considered both consumer and industrial goods. To clarify decisi...
A push strategy refers to
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The correct rank order of social media sites from least to most popular as measured by the number of unique U.S. visitors as of September 2011 is
Cause marketing programs incorporate all three concepts of social responsibility by addressing public concerns, satisfying customer needs, and:
