Explain the Concept of Zero-Based Budgeting

question 17

Essay

Explain the concept of zero-based budgeting.

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Definitions:

Congressional Committees

Smaller groups within the United States Congress, including the House of Representatives and the Senate, tasked with conducting hearings, examining and developing legislation, and performing legislative oversight in specific areas.

Privatization

The process of transferring ownership or control of a public sector enterprise or service to private sector individuals or companies.

Federal Budget

An annual financial statement presenting the government's proposed revenues and spending for the forthcoming fiscal year.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not controlled by the state.