INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 74

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-A detailed forecast used to monitor and control expenses is called a [financial plan | income/expenditures statement].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Budget

A financial plan that estimates income and expenditures for a future period, often used as a guide for financial decision-making and resource allocation.

Budgetary Control Process

A method for managers to set financial and operational goals with budgets, monitor performance, and take corrective actions to stay on track with objectives.

Budget

An estimate of income and expenditure for a set period of time, serving as a financial plan and control method.

Budgeted Balance Sheet

A budgeted balance sheet forecasts a company's financial position at the end of a future period, projecting assets, liabilities, and equity.