BUDGETING CHAPTER 4

What is the main goal of budgeting in plantation estate management?

• Maximize debt

• Optimize resource allocation

• Ignore operational expenses

• Reduce employee wages

What type of costs are analyzed first in the budgeting process?

• Fixed and variable costs

• Overhead costs only

• Revenue streams

• Labor costs

Which budgeting technique involves predicting income from crop sales?

• Expense planning

• Revenue forecasting

• Risk assessment

• Workforce management

Why is workforce management crucial in estate budgeting?

• To increase operational inefficiencies

• To ensure efficient staffing and training

• To decrease productivity

• To avoid technological integration

How can estates leverage economies of scale?

• Consolidating purchases to reduce costs

• Increasing resource wastage

• Reducing bulk orders

• Avoiding cost control measures

What is the purpose of financial analysis in decision-making?

• To categorize income sources

• To evaluate operational costs and ensure sustainability

• To increase risk exposure

• To ignore cash flow analysis

Which activity helps mitigate risks in estate budgeting?

• Ignoring potential risks

• Developing risk mitigation strategies

• Minimizing financial planning

• Avoiding contingency plans

What is the outcome of strategic planning in decision-making?

• Identify high-impact, cost-effective projects

• Increase unnecessary expenditures

• Reduce resource allocation

• Ignore long-term implications

Which practice ensures environmental sustainability in estate budgeting?

• Ignoring renewable energy

• Allocating funds for eco-friendly initiatives

• Avoiding resource optimization

• Increasing resource wastage

How can plantations promote social responsibility in budgeting?

• Avoiding employee welfare programs

• Prioritizing community welfare initiatives

• Decreasing ethical labor practices

• Ignoring sustainability