In Many Companies, Who Is Assigned the Responsibility for Coordinating

question 64

Multiple Choice

In many companies, who is assigned the responsibility for coordinating the preparation of the budget?

• A)A budget committee
• B)The sales managers since the sales budget is the backbone of the master budget
• C)The company's board of directors since they approve major corporate changes
• D)The company's independent certified general accountants

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Definitions:

Price Floor

A government or regulatory minimum price set above the equilibrium price, intended to protect producers.

Surplus

An excess amount of a product or resource relative to demand, often leading to lower prices or stockpiling.

Equilibrium Price

Equilibrium price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in the market.

Price Ceiling

A legal maximum price that can be charged for a good or service, typically set by the government to ensure affordability.