ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Set personal and financial goals.
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Review financial progress and revise budgeted amounts.
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Assess your personal and financial situation (needs, values, life situation).
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None of the above
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Detailed explanation-1: -1. The budgeting process starts with monitoring current spending. 2. Most short-term goals are based on activities over the next two or three years.
Detailed explanation-2: -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.
Detailed explanation-3: -The first step in the budgeting process is having a written strategic plan. This ensures that organizational resources are used to support the strategy and development of the organization.
Detailed explanation-4: -Calculate your net income. List monthly expenses. Label fixed and variable expenses. Determine average monthly costs for each expense. Make adjustments.