Question

Using the previous budget as a starting point and making adjustments to the funds allocated to each expense category is the budgeting approach known as ______ budgeting.

Answer 1

Using the previous budget as a starting point and making adjustments to the funds allocated to each expense category is the budgeting approach known as incremental budgeting.

What is incremental budgeting?

• The concept behind incremental budgeting is that the easiest way to create a new budget is to just make minor adjustments to the one that is already in place.
• In other words, incremental budgeting involves starting with the present budget and adding or subtracting incremental assumptions to arrive at new budget numbers. In terms of budgeting techniques, incremental budgeting is frequently regarded as the most conservative strategy.
• Entrepreneurship is extremely dangerous, but it can also be very rewarding because it contributes to economic growth, innovation, and wealth.
• For entrepreneurs, securing money is essential: SBA loans and crowdsourcing are two forms of finance.
• The manner business owners file their taxes and pay them will depend on the organizational structure of their company.

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