ENTREPRENEURIAL PLANNING
FINANCIAL PLANNING AND ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Using your checkbook as budgeting system does not serve the purpose of planning for spending. Your financial needs will change as you move through your life. The difference between your personal assets and your personal liabilities is your net income.
Detailed explanation-2: -A budget variance is an accounting term that describes instances where actual costs are either higher or lower than the standard or projected costs. An unfavorable, or negative, budget variance is indicative of a budget shortfall, which may occur because revenues miss or costs come in higher than anticipated.
Detailed explanation-3: -A budget allows you to meet your personal goals with a system of saving and wise spending. Main purposes are Budget are Live within your income, Make wise buying decisions, Avoid credit problems, Plan for financial emergencies, Develop money management skills, Achieve your financial goals.