Definitions Terms 1. Planning future business actions and expressing them as formal plans. 2. A comprehensive business plan that includes operating, investing, and financing budgets. 3. Employees who will be evaluated by a budget help prepare it. 4. Shows expected cash inflows and outflows and helps determine financing needs. 5. An approach that requires all expenses to be justified for each new budget.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Select each of the terms with the best description of its purpose.
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