A Critical Factor in Budgeting for a Service Firm Is

question 86

Multiple Choice

A critical factor in budgeting for a service firm is to

• A) hire professional staff to perform the budgeting work.
• B) coordinate professional staff needs with anticipated services.
• C) classify all personnel as either variable or fixed.
• D) budget expenditures before anticipated receipts.

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Definitions:

Trickle Down

A concept typically used in economics, suggesting that benefits for the wealthy will "trickle down" to everyone else; in other contexts, it can refer to the gradual spread of practices or benefits from higher to lower levels within a hierarchy.

High Self-esteem

A positive evaluation of oneself and confidence in one's abilities and worth.

High Conscientiousness

A personality trait characterized by diligence, carefulness, and thoroughness.

Internal Control

A process designed to assure the efficiency of operations, reliability of reporting, and compliance with laws and regulations within an organization.