BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Explaining the budget to people who need financial information to make decisions is the first step of the business budgeting process.
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True
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False
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Explanation:
Detailed explanation-1: -1. Assess your financial resources. The first step is to calculate how much money you have coming in each month. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources.
Detailed explanation-2: -Yes, it is true budget shows plans of management in financial terms.
Detailed explanation-3: -A business budget is a spending plan for your business based on your income and expenses. It identifies your available capital, estimates your spending, and helps you predict revenue. A budget can help you plan your business activities and can act as a yardstick for setting up financial goals.
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