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