Business Arithmetic — Entrepreneurship STD 12 Commerce — Question

1.

A business plan.

Budgeting creates a comprehensive picture of the future and makes both opportunities and barriers conscious. This knowledge then helps guide day-to-day activities.

2.

A budget is a document for recording actual and projected income and expenditures over time.

Budgeting is the collective process of setting financial goals, forecasting future financial resources and needs, monitoring and controlling income and expenditures, and evaluating progress towards achieving the financial goals.

3.

It is prepared by top management.

It is followed by middle and lower level management.

4.

The common denominator in money and the vehicle is budget.

The common denominator in money and the vehicle is budget, which is the result of budgeting process.