Budget for Loss Prevention Flashcards
Management is viewed in terms of:
the functions a manager performs (ie planning, decision making, organizing, directing, and controlling)
A plan stated in financial terms
a budget
A realistic estimate of the resources needed to achieve planned objectives
a budget
An instrument which records work programs in terms of appropriations needed to put them to work
a budget
Any budget identification must include ______ and ________.
plans and programs
A budget requires a manager to operate his/her plan in three dimensions:
1)
2)
3)
1) The operation/project must unfold as planned
2) The operation/project must take place when planned
3) It will not exceed the planned costs
How often are budgets normally prepared?
Annually or biannually
Must be based upon intelligently anticipated and predictable conditions, which means planning must use good judgment and good decision making estimates about the future.
Loss prevention budgets
Budgeting approaches can be _______________________________ or _______________________________.
Bottom-up and Top-down OR
Top-down and Bottom-up
Budgeting processes follow a logical sequence to bring about interaction between senior and middle management. This sequence involves: 1) 2) 3) 4) 5)
1) Planning
2) Budget building/development
3) Evaluation and Review
4) Establishment of final budget
5) Allocation of funds
What budget type has each item listed by separate line?
Line item budgets
What budget type has funds allocated by specific activity?
Program budgets
What budget type is used for infrequently purchased high dollar items?
Capital budgets
Three categories budget costs are classified under:
1)
2)
3)
1) Salary expenses
2) Sundry expenses
3) Capital expenses
Are for physical improvements, physical additions, or major expenditures for hardware and generally considered one-time expenses
Capital expenditures
