Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?

• A)Long-range planning is just another term for budgeting.
• B)Budgeting and long-range planning differ with respect to emphasis, detail and time period.
• C)The only difference between budgeting and long-range planning is the time frame.
• D)Budgeting is the first step in long-range planning.

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Definitions:

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods or services that can be produced with limited resources.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choice.

Comparative Advantage

The ability of a country or entity to produce goods or services at a lower opportunity cost than others, leading to more efficient international trade.

Productive Assignment

The allocation of resources, tasks, or roles in a manner that maximizes efficiency and output in the production process.