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nature of budgets
502 FI-106 glossary
| Term | Definition |
|---|---|
| benchmark | something that provides a basis for comparison or evaluation |
| budget | an estimate of income and expense for a specific period of time |
| continuous budget | see rolling budget |
| expense | the money that a business spends |
| fiscal year | the 12 month period chosen by a business as its operating year that may or may not coincide with the calendrer year |
| income | the money received by resource owners and by producers for supplying goods and services to consumers |
| interrelated | having an effect on or depending upon one another |
| manufacturer | a type of producer that changes the shapes or forms of materials so that they will be useful to consumers |
| master budget | the overall budget of a company, made up of information from specialized budgets that are generated by individual departments |
| retailer | a business that buys consumer goods or services and sells them to the ultimate consumer |
| rolling budget | also called a continuous budget, a rolling budget replaces each passing month with a new month added to the end of the budget, so that there is always a year-long budget in place |
| sales forecast | a prediction of future sales over a specific period of time |
| service business | a type of business that performs intangible activities that satisfy the wants of consumers or industrial users |
| specialized budget | a budget that reflects a particular department or activity of a company: specialized budgets are interrelated, often relying on one another for estimates for future activity |
| variance | the difference between a budgeted amount and an actual amount |
| zero-based budgeting | a method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a pervious period: in effect, each new budget begins at zero. |
Created by:
cameron.r191
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