Budgeting Basics: RT

I know what a budget is.

• Absolutely.

• Somewhat.

• Meh...

• Nope, no clue.

Budgeting is:

• A spending plan tracking monetary inflow and outflow over a specific period of time

• Something only accountants do

• Tracking expenses

• A new form of exercise, similar to Zumba

A budget can include:

• Multiple categories for inflow and outflow

• Tracking expenses

• A set spending limit

• A savings category

An expense is:

• Something I have far too many of

• Money that you earn

• Money that you spend

• A plan to track how you spend your money

A departmental budget is specific to each department within an organization.

• True

• False

A departmental budget should include:

• A party planning committee

• A certain amount of money and how the department plans to spend that money during a specific time period

• All the money a business will spend during that time period

• Only the total planned expenses for that department

Recreational Therapists should know to create and maintain a budget.

• True

• False