A Sense of Loss That Can Be Felt by the Individual

question 13

Multiple Choice

A sense of loss that can be felt by the individual but is not evident to others represents what kind of loss?

• A)tangible
• B)intangible
• C)perceived
• D)anticipated

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Definitions:

Budget Slack

The practice of underestimating revenue or overestimating costs while preparing a budget to create a buffer, which can be used to handle unforeseen financial situations.

Planning

The process of setting goals, determining resources needed to achieve those goals, and outlining the steps necessary to accomplish them.

Loose Budgets

A financial plan that allows for higher spending and less stringent controls, often to accommodate for uncertainty or to encourage creativity and innovation.

Cash Budget

A financial plan that estimates incoming and outgoing cash flows over a specific period of time to ensure liquidity and solvency.