A Budget Is Best Prepared to Be

question 71

Multiple Choice

A budget is best prepared to be

• A)completely accurate as far as possible.
• B)a forecast for the next three months.
• C)reasonably accurate over time.
• D)accountable for all unpredictable expenses.

Adopt effective strategies for reducing and organizing information to aid memory retention and recall.

Understand consumer protection laws and regulations.

Identify legal actions available for receiving unordered merchandise.

Recognize the legal implications of strict product liability.

---

Definitions:

Returns to Scale

The rate at which output increases as a result of proportionately increasing all inputs in the production process.

U.S. Carpet Industry

The sector of the United States economy that is involved in the manufacturing, distribution, and sale of carpets and rugs.

Large Firms

Companies that operate on a large scale, often characterized by significant market share, extensive operations, and substantial revenue.

Decreasing Returns

A situation in which the addition of more units of input results in the less-than-proportional increase in output.