Setting budgets Flashcards
1
Q
What is a budget?
A
Financial targets for the future covering revenue and expenditure over a certain time period.
2
Q
What is a expenditure budget?
A
A fixed sum of money to be spent in a given time period by a department.
3
Q
What is a Income budget?
A
The sales revenue target for a department or the whole business.
4
Q
What is a budget holder?
A
A person who is accountable for seeing that a budget is kept to.
5
Q
What is delegated budgets?
A
Giving someone control in the setting and spending of budgets to departments or individuals.
6
Q
What is a profit budget?
A
The target profit for the business over a given time period.
7
Q
Monitoring Budgets?
A
Keeping a check on progress towards achieving targets during the budget period,
