Which of the Following Statements Concerning Budgeting Is Correct

question 40

Multiple Choice

Which of the following statements concerning budgeting is correct?

• A) All budgets must be prepared in dollar values.
• B) Performance evaluation and budgeting are not closely related.
• C) A budget is an essential step in managing a business efficiently.
• D) A budget prepared by an individual is more detailed than one used by a business.

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Definitions:

Earth-Sustaining Economy

An economic system aimed at balancing human needs with the protection of the natural world, ensuring the planet's health and resources for future generations.

Sustainable Use

Utilization of natural resources in a way that maintains their viability and preserves their ecological balance for future generations.

Nonrenewable Materials

Materials or resources that cannot be replaced once consumed, such as fossil fuels, minerals, and metals, often leading to concerns over their depletion and environmental impact.

Internalize External Costs

The process of accounting for the environmental and societal costs of economic activities in the price of goods and services.