Priorities

question 80

Multiple Choice

Priorities:

• A) Are key to reaching goals
• B) Determine what needs to be done
• C) Identify the order in which something needs to be done
• D) All of the above
• E) None of the above

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Definitions:

Long-Range Budget

A financial plan that extends beyond the typical fiscal year, often spanning three to five years, to support strategic planning.

Participative Budgeting

A budgeting process where both management and employees participate in setting budgets, improving accuracy and commitment.

Budgeting Slack

The practice of underestimating revenue or overestimating expenses while preparing a budget to create a cushion or slack for unexpected situations.

Budgetary Slack

The practice of underestimating revenues or overestimating expenses when preparing a budget to create a buffer for unexpected scenarios.