The Master Budget for a Service Enterprise

question 211

Multiple Choice

The master budget for a service enterprise

• A) will have the same types of budgets as a merchandiser.
• B) may include a sales budget for sales revenue.
• C) will not include a budgeted income statement.
• D) includes a service revenue budget based on expected client billings.

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Definitions:

Duty of Care

The legal obligation to avoid acts or omissions which could foreseeably harm others.

Negligence

A failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm or damage.

Professional Designation

A formal certification demonstrating a certain level of expertise or specialization in a particular field, frequently required in professions such as law, medicine, and accounting.

Professional Associations

Organizations founded by individuals in the same profession aimed at advancing their interests, standards, and development.