ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Personal financial management software.
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A pencil and paper.
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Computer spreadsheets.
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Any of above. Whatever works best for you.
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Detailed explanation-1: -The most common small business budgeting tool is the spreadsheet, which you can use to create a variety of useful reports. Many computers come with software that includes a basic spreadsheet you can use to create a budget.
Detailed explanation-2: -Best Overall: You Need a Budget. Best for Couples: Honeydue. Best for College Students: PocketGuard. Best for Families: EveryDollar. Best for Investors: Empower (Formerly Personal Capital) Best for Saving: Albert. Best for Beginners: Mint. Best Free Option: Goodbudget.
Detailed explanation-3: -Income statement. An income statement measures the financial performance of a business over a period of time – a quarter, month or year. Cash flow forecast. Cash is king to most people. Balance sheet budgeting.
Detailed explanation-4: -1) Realistic Objectives. 2) Differentiations between Expenses. 3) Unforeseen Scenarios. 4) Budget Type & Various Modeling. 5) Key Performance Indicators/ Drivers. 6) Outperforming Numbers. 7) Rapid Revisions. 8) Make Use of The Best Tools.