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An Organization Cannot Run Without Formulating and Implementing a Budget

question 63

True/False

An organization cannot run without formulating and implementing a budget.


Definitions:

Demand Elasticity

An indicator of the responsiveness of the quantity demanded of a product to changes in its price, where an elasticity greater than one signifies heightened sensitivity.

Total Revenue

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

Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Total Revenue

The aggregate earning of a company from its operational activities, an indicator of its market success.

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