What Is the First Step in the Budget Process

question 14

Multiple Choice

What is the first step in the budget process?

• A)IT leadership reviews the strategic IT initiatives with the senior leadership of the organization.
• B)The organization must decide which new and ongoing initiative that improve current operations will be funded.
• C)The operations and strategic budget recommendations are reviewed and discussed at an executive committee meeting.
• D)The IT department submits an operating budget to support the applications and infrastructure that will be in place as of the beginning of the fiscal year.

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Definitions:

Money Supply

The entire sum of monetary holdings accessible in an economy at a certain period.

Travelers Checks

Preprinted, fixed-amount checks designed to allow the person signing them to make payments or exchange for local currency, used mainly by travelers to protect against theft or loss.

M1 Balance

The most liquid components of the money supply, including physical currency, demand deposits, and other assets that can quickly be converted to cash.

Currency

A form of currency widely accepted in a specific nation or economic setting.