The Budgeting Process Formalizes and Documents Managerial Plans to Clearly

question 102

Multiple Choice

The budgeting process formalizes and documents managerial plans to clearly communicate objectives to both superiors and subordinates.This budgeting requirement is an example of:

• A) performance measurement.
• B) planning.
• C) budget coordination.
• D) taking corrective action.

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Definitions:

Constructive Notification

For third parties who have previously dealt with the agent or who have begun to deal with the agent. This is accomplished by advertising the agency’s termination in a newspaper of general circulation in the place where the agency business regularly was carried on.

Apparent Authority

The appearance or assumption of authority based on the actions or statements of the alleged principal, leading others to believe someone has the authority to act on behalf of a company or individual.

Insanity

A mental disorder of such a severe nature that a person cannot distinguish fantasy from reality, conduct their affairs due to psychosis, or is subject to uncontrollable impulsive behavior.

Agency Formation

The legal process and principles involved in creating an agency relationship, whereby one party (the agent) is authorized to act on behalf of another (the principal).