ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Simply put, budget managers are people who handle company finances as part of their role. Naturally, this includes: financial controllers, FP&A, accountants, and the CFO. It can also include non-finance professionals like team leaders, department heads and other executives.

Detailed explanation-2: -Management uses budgets to evaluate the performance of employees and their department. They can also use budgets to evaluate and benchmark the performance of a business unit in a large business or of the entire performance of a small entity. They can also use budgets to evaluate separate projects.

Detailed explanation-3: -Budgeting is the process of preparing and overseeing a financial document that estimates income and expenses for a period. For business owners, executives, and managers, budgeting is a key skill for ensuring organizations and teams have the resources to execute initiatives and reach goals.

Detailed explanation-4: -Businesses often have budgets for individual departments plus an overall company budget, and managers are frequently responsible for managing the budget for their department. Budgets typically have five aspects: Revenue: This is income from sales, investments or other sources.