Something that provides a basis for comparison or evaluation

An estimate of income and expense for a specific period of time

The money that a business spends

The 12 month period chosen by a business as its operating year that may or may not coincide with the calendar year

The money received by resource owners and by producers for supplying goods and services to consumers

Having an effect on or depending upon one another

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers

The overall budget of a company, made up of information from specialized budgets that are generated by individual departments

A business that buys consumer goods or services and sells them to the ultimate consumer

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

A prediction of future sales over a specific period of time

A type of business that performs intangible activities that satisfy the wants of consumers or industrial users

A budget that reflects a particular department or activity pf a company, specialized budgets are interrelated, often relying on one another for estimates of future activity

The difference between budgeted amount and an actual amount

A method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a previous period. in effect, each new budget begins at zero

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BM 2 Objective 5.02

The Nature of Budgets

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 calendar 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 pf a company, specialized budgets are interrelated, often relying on one another for estimates of future activity
Variance	The difference between 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 previous period. in effect, each new budget begins at zero

Created by: anna.f933

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