The First Step in Budgeting Is to Evaluate Your Current

question 31

True/False

The first step in budgeting is to evaluate your current financial position by determining your net worth.

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Definitions:

Equipment

Equipment refers to the tools, machinery, and other durable assets used by a company in its operations.

Supplies

Supplies are consumable items used in the daily operations of a business, such as office or cleaning materials, that are not resold to customers.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business.

Petty Cash Fund

A small amount of cash kept on hand for making minor payments.