Budgeting in Not-For-Profit Organizations

question 185

Multiple Choice

Budgeting in not-for-profit organizations

• A) is not important because they are not profit-oriented.
• B) usually starts with budgeting expenditures rather than receipts.
• C) is necessary only if some product is produced and sold.
• D) consists entirely of budgeted contributions.

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Definitions:

Surplus

The amount by which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Supply Elasticities

A measure of how much the quantity supplied of a good responds to a change in price, indicating the responsiveness of sellers to price changes.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the market equilibrium price.

Short-Run World Demand

Refers to the total quantity of a good or service that is demanded globally over a short period of time, with at least one factor of production held constant.