What is a budget?*1 pointA plan for how to spend and save moneyA record of past expensesA type of bank accountA financial loan

What is the first step in creating a budget?*1 pointSetting financial goalsTracking all income and expensesCutting unnecessary expensesOpening a savings account

Select all that applyIdentify the characteristics of the budgeting process.Multiple select question.Records financial transactions in their historical cost.Uses managerial accounting concepts.Uses financial accounting concepts.Provides a benchmark in order to compare actual performance results.Creates a financial plan for the organization.

A budget is:Group of answer choicesthe process relating to the longer term planning for a business.all of the options are true.a financial statement prepared for external users.a quantitative expression of an entity's future plans.

Financial Planning and Budgeting:

All are the different kinds of budgets, EXCEPT:Question 16Answera.Rolling Budgetb.Operating Budgetc.Financial Budgetd.Electronic Budget