Bottom-Up Budgeting Is a Process in Which Lower-Level Managers Anticipate

question 152

True/False

Bottom-up budgeting is a process in which lower-level managers anticipate their departments' resource needs and pass them up to top management for approval.

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Definitions:

Net Working Capital

The difference between a company's current assets and its current liabilities, indicating the short-term liquidity position.

Tax Rate

The rate designated by the state to collect taxes from the profits or income of individuals or firms.

Profit Margin

A measure of profitability calculated as net income divided by revenues.

Professional Office

A professional office is a workspace designed for the use of professionals, such as lawyers, doctors, and accountants, to conduct their business activities.