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"Karen, we must jump into this new business area now, or we will fall behind," argued Steven. "Let's price our product well below our competitors' prices, even if we don't make money at first. We will figure out how to make money later." Steven is displaying
Benefits of Budgeting
Benefits of budgeting include providing a financial framework for decision making, setting financial targets, and monitoring financial performance against those targets.
Production Budget
A forecast of the units that must be produced to meet anticipated sales, used in planning the required production levels.
Rolling Budget
A financial plan that is continually updated by adding a new period (month, quarter, etc.) as the current period concludes, ensuring the budget extends a constant length into the future.
Direct Labor Budget
An estimation of the total amount of labor cost that will be required for production over a specific period.
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