Revision of a Completed and Approved Budget

question 23

Multiple Choice

Revision of a completed and approved budget:

• A) Should be conducted whenever actual events differ significantly from those envisioned when the budget was prepared.
• B) Reduces employee commitment to achieve budgeted performance.
• C) Should be discouraged.
• D) May discourage diligence in its initial preparation.
• E) Is never needed under Kaizen budgeting.

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Definitions:

International Trade

The exchange of goods, services, and capital across international borders or territories, driven by economic motives like gaining access to new markets or acquiring resources.

Unilateral Approach

A strategy or action taken by a single nation or entity independently, without coordination with others.

Free Trade

Free Trade is a policy where governments do not discriminate against imports or interfere with exports, allowing goods to move freely between countries.

North American Free Trade Agreement

A trade agreement between Canada, Mexico, and the United States designed to reduce trading costs, increase business investment, and help North America be more competitive in the global marketplace.