Budgets | HL
Keep a Personal Checklist:
What is meant by a budget?
Outline four types of budgets.
State four reasons for producing budgets.
What are the main considerations when setting budgets?
What is budgetary control and why is it important to an organization?
What are the main limitations of budgeting?
Distinguish between cost and profit centers.
What are the advantages and disadvantages of businesses using cost and profit centers?
What is variance analysis and why is it an important management tool?
Distinguish between favorable and adverse variances.
Budgeting - a useful tool for life!
For your personal life, you simply become a "commander in chief of your finances."
How can your BM learning be a useful tool for your personal life?
How can tracking & saving be an added value to your happiness?
For businesses, a budget is a financial plan that helps in target setting by estimating the revenue and expenditure of a business over a specified future time period.
Budgets are important or planning, motivation, resource allocation, coordination and control.
