Budgeting Is an Important Part of a Manager's Planning and Control

question 22

True/False

Budgeting is an important part of a manager's planning and control responsibilities in both public and private organizations.

---

Definitions:

Output

The total amount of goods or services produced by a company, sector, or economy over a specific period.

Price

The amount of money expected, required, or given in payment for something.

Marginal Revenue

The additional income that a firm receives from selling one more unit of a good or service.

Total Revenue

The total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.