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BM 2 Objective 5.02

The Nature of Budgets

TermDefinition
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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