Understand business budgeting
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What is a cashflow budget?
a comparison of figures
an estimate based on the past
a way of measuring performance
a plan for the future
What are expenses?
the costs incurred to produce a product
income from the sale of products
capital costs
projected activity
What is the marketing budget part of?
capital budget
production budget
cash flow budget
operational budget
Why is it important to monitor a budget?
to look for variance
to ensure good communication
to reconcile cashflow
to check achievement of targets
If a budget is revised, it is important to:
eliminate variances
communicate the changes
set motivational targets
allocate more money
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