A Budget Is the Plan, Stated in Financial Terms, of How

question 110

True/False

A budget is the plan, stated in financial terms, of how an organization expects to carry out its activities and meet its goals.

---

Definitions:

Future Use

The intention or plan to deploy resources, products, or services at a later date, often considering the long-term benefits or applications.

Conservation

The act of preserving, protecting, or restoring the natural environment, resources, and biodiversity for future generations.

User Cost

The opportunity cost of extracting and selling a non-renewable natural resource today rather than waiting to extract and sell the resource in the future; the present value of the decline in future revenue that will occur because a nonrenewable natural resource is extracted and sold today rather than being extracted and sold in the future.

Extraction Cost

All costs associated with extracting a natural resource and readying it for sale.