The First Step in the Budgeting Process Is to Allot

question 66

Multiple Choice

The first step in the budgeting process is to allot money for:

• A) savings.
• B) necessities.
• C) education.
• D) retirement.

---

Definitions:

Securities and Exchange Commission (SEC)

A U.S. government agency that oversees securities transactions, activities of financial professionals, and the stock market to protect investors.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.

Liabilities

Financial obligations or debts owed by a company to external parties, which must be settled over time through the transfer of economic benefits.

Assets

Resources owned by a company that have economic value and can be measured and expressed in monetary terms.