A Budget Is an Example of a

question 9

Multiple Choice

A budget is an example of a

• A) policy.
• B) short-range plan.
• C) strategic plan.
• D) nonrecurring procedure.

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Definitions:

Account Payable

An obligation of a business to pay a supplier for products or services received, typically recorded as a current liability.

Notes Issued

Refers to the act of issuing promissory notes, which are written promises to pay a specified sum of money to a certain party at a defined time or on demand.

Maturity Value

The amount that is due at the maturity or due date of a note, which is the sum of the face amount and any interest.

Note Payable

A written agreement to pay a specific amount of money, plus interest, by a certain date or upon demand.