BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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prepare a budget.
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make needed adjustments to the budget.
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examine the budget for discrepancies.
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check to see if income and expenses are meeting budgeted amounts.
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Detailed explanation-1: -Make adjustments. The last step in creating a budget is to compare your net income to your monthly expenses. If you notice that your expenses are higher than your income, you’ll need to make some adjustments. For instance, let’s say your expenses cost $300 more than your monthly net pay.
Detailed explanation-2: -Common processes include communication within executive management, establishing objectives and targets, developing a detailed budget, compilation and revision of budget model, budget committee review, and approval.
Detailed explanation-3: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.