The Budget Committee

question 179

Multiple Choice

The budget committee

• A) rarely has the final say on the budget.
• B) usually is made up of the accounting staff.
• C) usually is made up of the Board of Directors.
• D) usually is made up of managers from all areas of the value chain.

---

Definitions:

Capital Asset

Property owned for investment or personal use, excluding inventory or assets sold as part of a business's regular operations.

Guaranteed Payment

Payments made to partners in a partnership regardless of the partnership's income, often for services rendered or for the use of capital.

Separately Stated Item

Items on a partnership or S corporation tax return that are listed separately to ensure proper tax treatment at the individual level.

Ordinary Expense

In tax terminology, ordinary expense refers to any expense common and accepted in your trade or business operation.