Budgeting

SMART Goals.....the "S" stands for:

• Sweet

• Super

• Specific

• Sporadic

Benefit(s) of budgets

• Stakeholder buy-in

• Consider alternatives when planning

• Understand past-present-future

• All of the above

Creating a budget based on gradual changes from previous period

• Incremental Budget

• Zero-Based Budget

• Top-Down Approach

• Bottom-Up Approach

Create a budget from scratch

• Incremental Budget

• Zero-Based Budget

• Top-Down Approach

• Bottom-Up Approach

Participative budgeting in which everyone contributes to the budget

• Incremental Budget

• Zero-Based Budget

• Top-Down Approach

• Bottom-Up Approach

When employees intentionally underestimate revenues and overstate expenses

• Zero-Based Budget

• Budgetary Slack

• Incremental Budget

• Budgetary Avoidance

Labour and administrative costs are developed in this budget for a period of time

• Capital Budget

• Cash Flow Budget

• Purchase Budget

• Operating Budget

A cash payment is made when a customer purchasing goods or services

• True

• False

A cash flow budget is a summary of all budgeted cash receipts and cash payments

• True

• False