3.9 Budgets & Budgeting Vocab (HL)

Front

Detailed financial plan for the future

Back

Budget

Front

Budgeting reduces _____________ and improves _____________

Back

Risk, Decision Making

Front

Budgeting process includes all except:

Back

Delegating

Front

Responsibility for budgetary control given to less senior management

Back

Delegated Budget

Front

Budget process: stages for effective planning, review, and adjustment.

Back

True

Front

Type of budget using last year's budget as a baseline for adjustments.

Back

Incremental Budget

Front

Type of budget requiring justification for funds each year

Back

Zero-based Budget

Front

A business section with identifiable costs.

Back

Cost Center

Front

To create a profit center, a firm must identify both costs and revenue from the relevant business area.

Back

Costs & revenue

Front

Difference between predicted and actual budgeted figures:

Back

Variance