The Purpose of a Budget Is to

question 109

Multiple Choice

The purpose of a budget is to

• A) determine the amount of your total liabilities.
• B) develop a plan for spending your future income over a specific time period.
• C) reduce total assets.
• D) increase monthly expenses.
• E) develop a plan for increasing credit purchases.

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Definitions:

Uniform Partnership Act

A set of laws adopted by some states to regulate the operations of partnerships and ensure uniformity in their treatment.

RUPA

The Revised Uniform Partnership Act, which is a set of model statutes designed to guide the formation, operation, and dissolution of partnerships in the United States.

Embezzles Client Funds

Embezzling client funds refers to the act of unlawfully taking money from those one is entrusted to manage or hold, for personal use.

Joint And Several Liability

A type of liability in which a third party can choose to sue the partners separately or to sue all partners jointly in one action.