The Process of Planning Business Actions in the near Future

question 10

Multiple Choice

The process of planning business actions in the near future and expressing them as formal plans of action is called:

• A) Budgeting.
• B) Goal congruence.
• C) Budgetary slack.
• D) Resource consumption accounting.
• E) Financial Accounting.

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Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.

Wage

Compensation for labor services, typically expressed on an hourly, daily, or piecework basis.

Rental Price

The amount of money charged for the temporary use of a good, service, or property.

Services from Land

The benefits and outputs produced by natural resources without altering their original physical state, such as agricultural production, mining, and scenic views.