The Starting Point of the Budget Cycle Is

question 75

Multiple Choice

The starting point of the budget cycle is:

• A) Reassess organisational vision and core competencies.
• B) Reconsider long term strategy
• C) Translate strategies and operating plans into financial data.
• D) None of the above.

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Definitions:

Tax-Deferred Savings

Investment accounts, like IRAs and 401(k)s, where contributions and earnings are tax-exempt until withdrawal, typically at retirement.

Flexible Spending Account

A special account you put money into that you use to pay for certain out-of-pocket health care costs, using pre-tax dollars, thus reducing taxable income.

Medical Insurance

A type of insurance coverage that pays for an insured individual's healthcare expenses.

Taxable Income

The amount of income used to determine how much the taxpayer owes in taxes, after deductions and exemptions.