Michael Is a Case Manager for a Homeless Shelter in a Large

question 9

Multiple Choice

Michael is a case manager for a homeless shelter in a large metropolitan city. Last week, the program director asked Michael to be the leader of the budget-planning committee. Michael was a member of the committee last year, and he agreed to lead this committee because of previous experience.
As Michael planned for the first meeting, he reviewed the minutes from the previous year's committee meetings and spoke with Angela, who led the previous year's committee. Angela described the different purposes of a budget, as well as the different features of a budget. She suggested that Michael create a list of all the different expenditure categories as a way to guide the discussion during the committee meetings.
In his conversation with Angela, Michael asked her to explain the difference between projected expenditures and actual expenditures. Which of the following correctly describes actual expenditures?

• A)Money that has been set aside for expenses in a given category
• B)Money that has been allocated to a given category minus the amount already spent
• C)Money that has been spent in a given category to date
• D)Money that has been spent on supplies, equipment, travel, and training

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Definitions:

Short-form Merger

A merger between a parent company and its subsidiary where the parent absorbs the subsidiary without the need for approval by the shareholders of the subsidiary.

Subsidiary

A company that is completely or majority-owned by another company, known as the parent company.

Merger Plan

A detailed proposal for combining two or more companies into one entity, outlining the terms, conditions, and operational strategies post-merger.

Primary Liability

The direct responsibility of an entity or individual to pay a debt or damages without first requiring enforcement against another party.