The budget process is the series of stages or steps taken to ensure the budget is effectively planned, reviewed, and adjusted.

BUDGETING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The “budget process” is the series of stages or steps taken to ensure the budget is effectively planned, reviewed, and adjusted.

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -The budget has four stages viz., (1) estimates of expenditures and revenues, (2) first estimate of deficit, (3) narrowing of deficit and (4) presentation and approval of budget. The process begins with various ministries providing initial estimates of plan and non-plan expenditures.

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: -Calculate your net income. List monthly expenses. Label fixed and variable expenses. Determine average monthly costs for each expense. Make adjustments.

Detailed explanation-4: -Calculate your earnings. Pay your bills on timeTrack your expenses. Set financial goals. Review your progress. 17-Sept-2019

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

BUDGETING