The Purpose of Budgeting Is To

question 43

Multiple Choice

The purpose of budgeting is to:

• A)Get a forecast of resource usage of the next financial year only.
• B)Facilitate organisational planning and control.
• C)Request more funding.
• D)All of the options are correct.

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Definitions:

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.

Utils Per Dollar

An economic concept used to measure the amount of utility or satisfaction a consumer receives per dollar spent.

Fair Insurance Policy

An insurance contract that is equitable, offering reasonable terms and conditions to all parties involved.

Uncertainty

Describes situations in which the outcomes, probabilities, or impacts of decisions or events are not known, prevalent in economics and finance.