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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Compare your budget to what you have actually spent.
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Review your financial progress.
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Monitor current spending patterns.
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Detailed explanation-1: -The final stage of the budget approval process is the presentation of the draft operating budget and forecasts to the Budget Committee and senior management staff. The Budget Committee considers feedback submitted by the community as they review the draft budget.
Detailed explanation-2: -Having a budget keeps your spending in check and makes sure that your savings are on track for the future. Budgeting can help you set long-term financial goals, keep you from overspending, help shut down risky spending habits, and more.
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.
Detailed explanation-4: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.