A Process in Which Lower-Level Managers Anticipate Their Department's Resource

question 146

True/False

A process in which lower-level managers anticipate their department's resource needs and pass them to top management for approval is called top-down budgeting.

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Definitions:

Quota Rent

The earnings exceeding normal profits received by license holders when import quotas are in place.

Demand Price

The price of a good or service dictated by the desire and ability of consumers to purchase it at certain price levels.

Import Quota

A government-imposed limit on the quantity or monetary value of certain goods that can be imported into the country over a specified period of time.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified period.