All categories

3 years ago

Budgeting competency requires the ability to:__________

Business

1 answer:

Sever21 [200]3 years ago

5 0

Answer:

d. All of the above

Explanation:

A budget can be defined as a financial plan of estimated revenues, resources and expenses over a specific period of time in a particular country. It is usually reevaluated based on future plans and objectives periodically, typically on an annual basis. Thus, budgets are usually compiled, analyzed and re-evaluated on periodic basis.

Budgeting competency requires the ability to:

a. Define the production system.

b. Quantify expected operations in dollars.

c. Analyze actual results considering the budget to determine where costs were better or worse than expected.

Additionally, the first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.

The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

You might be interested in

A machine costs $1,000 and has a 3-year life. the estimated salvage value at the end of three years is $100. the project is expe

AnnyKZ [126]

Cost of machine = $1,000

$NPV of revenues = p( \frac{1- (1+RoR)^{-n} }{RoR} )$ = $600( \frac{1- (1+0.1)^{-3} }{0.1} )$ = $1,492.11

$NPV of salvage value = FV ( \frac{1}{ (1+RoR)^{n} }$ )= $100( \frac{1}{ (1+0.1)^{3} } )$ = $75.13

Total NPV = -1000+1492.11+75.13 = $567.24 ≈ $567

5 0

3 years ago

How would life be without technology

Ghella [55]

This website would not exist. Social lives would improve because everyone would actually hang out with people. We would not be able to get places fast because cars would not be developed.

4 0

3 years ago

The United States imposes a tariff on electronics imported from China. Which would be a result? China stops marketing all produc

Paraphin [41]

1)The price from the electronics from China goes up
2)People might start buying domestically made electronics because of cheaper prices.

5 0

3 years ago

Read 2 more answers

During a recession, a number of workers have their hours reduced by their employers. All else the same, the unemployment rate wi

devlian [24]

Incomplete question. I answered from a general economic standpoint.

Answer:

stay the same; decrease

Explanation:

Remember, in this scenario, it wasn't as though the mentioned workers lost their jobs, they only had their hours reduced by their employers; so they are not unemployed. This, therefore, implies that the unemployment rate will stay the same.

The labor force participation rate in simple words refers to the percentage of those who are currently employed or looking for a job within an economy. If the working hours are reduced, it may diminish the zeal among the workforce of an economy to work or find work because they may perceive they''ll earn less.

6 0

2 years ago

In the year 2020, a divorced woman under age 50 collects $50,000 of alimony and child support as her sole source of income. The

NikAS [45]

The available options are:

A. No contribution can be made because the woman does not have earned income

B. A contribution of up to $6,000 is permitted, but the contribution is not tax deductible.

C. A tax deductible contribution of up to $7,000 is permitted

D. A tax deductible contribution of up to $9,000 is permitted

Answer:

No contribution can be made because the woman does not have earned income

Explanation:

Unlike in the previous years before 2019, concerning divorce agreements, alimony is now declared to be no longer deductible by the payor and at the same time is considered to be a tax-free income to the recipient. In essence, this indicates that alimony is no longer qualifies as earned income and therefore, cannot be utilized to fund an Individual Retirement Account.

Hence, in this case, since it is , year 2020, the correct answer is "No contribution can be made because the woman does not have earned income."

8 0

2 years ago