A Budget System That Involves Envelopes, Folders, or Containers to Hold

question 32

Multiple Choice

A budget system that involves envelopes, folders, or containers to hold money or slips of paper is called a

• A) Mental budget.
• B) Physical budget.
• C) Written budget.
• D) Digital budget.
• E) Allocated budget.

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Definitions:

Due Date

The specific day by which a task, obligation, or payment is expected to be completed or fulfilled.

Gross Collection Ratio

Includes the total payments received by a practice for a specific period of time, not including any write-offs. The gross collection ratio can be calculated by taking the total payments for the specific period divided by the total charges, again without considering write-offs.

Percentage

A portion of a whole expressed as a fraction of 100, used to describe proportions or compare quantities.

Gross Collection Ratio

A financial metric that measures the total amount of revenue collected versus the total amount charged.