A Basic Starting Point for Budget Preparation Is __________

question 49

Multiple Choice

A basic starting point for budget preparation is __________.

• A) the prior year's budget
• B) the average of the last five years' budgets
• C) knowing the total available revenues
• D) all of these

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Definitions:

Budget Deficits

The financial situation that occurs when an entity's expenditures exceed its revenues over a specified period of time.

Foreign Exchange Reserves

Assets held on reserve by a central bank in foreign currencies, which are used to back liabilities and influence monetary policy.

Dollar

A unit of currency used in various countries, most notably the United States.

Yen

The official currency of Japan, used as a medium of exchange within the Japanese economy.