Budget

1. Define a flexible budget. Provide an example of how a flexible budget is used in the real world. A flexible budget consists of adjusting expenditures according to the evolution of real incomes. So we get a budget with real results. The flexible budget is restructured according to activity levels, which is why it is a good performance evaluation tool and useful for any planning. Just like its good odds the flexible budget has its disadvantages as well. It may be a good tool but…

The budget is a type of list that clearly defines a business or a person profit and loss. It is useful for managing expenditure and saving money an individual or a business. Many people are using a budget for short-term goals, like a vacation or a business forecast, while others can write budgets for spending plans and long-term savings. The budget has the following roles: - Financial planning in terms of activities. Each activity requires resources and it aims to identify all needs in terms…

a November budget planned on how much I wanted to spend in each category. The planned budget for each category gave me a rough estimate of how much money I should be spending. Mostly all of the categories like food, transportation, and entertainment I met my budget either at it or under the budget. From my results, I learned that it isn’t very hard for me to meet my budget goals. I keep them realistic, and if I wanted to decrease spending more, each month I would just decrease my budget little…

Budget Planning Reflection: Felton Family Preschool Budget As I was reading the book “The Business of Child Care Management and Financial Strategies” it pointed out some very good information to know and understand when it comes to budgeting. First a person has to have an “Estimating Monthly Budget Amount” when running any type of organization, company, or business. (Jack, 2005, p. 72) That is when a person usually tracks their monthly revenue and expenses. This means tracking the finances of…

working on budgets, but Wayne County’s newest commissioner began officially working on one Tuesday and will likely pass it today, with his colleagues. Budget Director Carol Zemrock, county Administrator Patrick Herron and veteran Commissioner Ann Obrecht helped walk Amstutz and Commissioner Sue Smail through their first county budgets. However, Amstutz has had a lot of experience with budgets in his role as former chairman of the Finance Committee in the Ohio House of Representatives. The budget…

Budget as Planning and Control tools The success of a company depends on several things, good strategy, business plan, and budget, among others. Budget is an important part in order for a business to function and succeed. According to Business Dictionary, budget is “an estimate of costs, revenues, and resources over a specified period” (Business Dictionary, 2016). A budget is a plan for the financial conditions of a company’s next period. There are different types of budgets in managerial…

1. How are public budgets prepared? Preparing public budgets include a five step process known as "The five clusters of decision making." The first in this process is titled the revenue cluster. "Revenue decisions includes technical estimates of how much income will be available for the following year, assuming no change in the tax structures, and policy decisions about changes in the level or type of taxation." Second, the budget process. The budget process includes numerous questions…

this budget exercise, I found that the category I will spend most of my money on is other car expenses as I am going to buy a car next month. My projected spending for that category is 3700 dollar from September to December which represents about 33 percent of my budget. I don’t’ have spending input from January to August because I have yet to have a car. Following other car expenses, my biggest expenses are miscellaneous where I will spend 1,563 dollars which represent 14 percent of my budget.…

the budget process prepared by the Oregon Department of Revenue that will guide you through the budgeting process following Oregon’s local budget law (www.oregon.gov). There are four phases that the book references: Phase One (Preparing the Proposed Budget), Phase Two (Approving the Budget), Phase Three (Adopting the Budget and Certifying), and Phase Four (Changing the adopted Budget). (1) Preparing the Proposed Budget emphasizes who is responsible for the preparation of the proposed budget.…

this paper, we will discuss the operating budget and variance analysis for Peyton Approved, which is a manufacturer of pet supplies. The operating budget is a combination of known expenses, expected future costs, and forecasted income over the course of a year (Bradford). Operating budgets are focused on facilitating income. Operating budgets include: sales and collections budget, cost of goods sold budget, the inventory and purchasing budget, and the budget for operating expenses (Bradford). On…