Which Statement Best Describes a Characteristic of Budgets

question 141

Multiple Choice

Which statement best describes a characteristic of budgets?

• A) They reflect on financial plans of the past.
• B) They are created once during the life of the business.
• C) They are key components of recording a financial history.
• D) They are identifiers of objectives and the actions needed to achieve them.

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Definitions:

Chapter 13

Refers to a type of bankruptcy in the United States that allows individuals earning a regular income to develop a plan to repay all or part of their debts.

Regular Incomes

Consistent earnings received on a periodic basis, such as weekly, monthly, or yearly, from employment or investments.

Credit Counseling

A service that provides assistance to individuals in managing their debt and improving their financial situation through budgeting and educational resources.

Bankruptcy Proceedings

The legal process by which individuals or entities unable to repay their debts can seek relief from some or all of their debts.