Budgeting Flashcards
What is a “Line-Item Budget”?
Based on Categories
What is a “Lump-Sum Budget”?
Programs total amount of money for all needs.
What is “Spending Ceiling Budget”?
Must provide justification of previous spending cycle.
What is “Variable Budget”?
Monthly assessment of resources
What is “Zero-Based Budget”?
Previous budget cycle has no impact on current budget cycle.
What is “Spending Ceiling Budget” aka?
Incremental Budget
What is “Request for Quotation” known as?
Bidding
What is “Expendable Equipment”
Stuff you can throw out.
What is “Capital Equipment”?
Big ticket items.
What document is used by an organization to formalize the intention to purchase goods and services from a vendor?
Purchase order
What is the process of acquiring goods and services?
Purchasing
What document provides vendors specific information for bidding on goods and services?
Request for quotation
What is the formal or informal authorization to purchase goods or services?
Requisitions
What statement defines specific conditions through which a vendor will replace or repair a faulty product?
Express warranty
