The Process of Taking a Previous Period's Budget and Making

question 12

Multiple Choice

The process of taking a previous period's budget and making minor changes to produce the current year's budget is called:

• A)zero based budgeting.
• B)enumerated budgeting.
• C)developmental budgeting.
• D)incremental budgeting.

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Definitions:

Price Elasticity

The degree to which the demand or supply of a product changes in response to a change in price.

Price Elasticity

A measure of how the quantity demanded or supplied of a good changes in response to a change in its price.

Substitutes

Goods or services that can be used in place of each other, fulfilling similar needs or desires.