Study

Budget

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  • Managers need __________ to make sure spending does not exceed the plan
    Control
  • If spending is lower than expected the company is __________ budget
    Under
  • After all expenses are subtracted from income- the remaining money is the company’s __________
    Profit
  • The employee receives a monthly __________ for their work
    Salary
  • Bonus
  • Effective __________ helps companies reduce unnecessary costs and increase efficiency
    Cost control
  • Every purchase or payment is recorded as an __________ in the accounting system
    Expense
  • A __________ changes depending on actual production or sales
    Flexible budget
  • Rent and insurance are examples of __________ because they do not change with production
    Fixed costs
  • The company’s monthly __________ determine how many products are sold
    Sales
  • The accountant prepared a __________ to give a quick overview of all the company’s budgets
    Summary budget
  • If the company earns a high amount of money it is considered a __________
    Big profit
  • Workers __________ money by selling products or providing services
    Earn
  • If spending is higher than expected the company is __________ budget
    Over
  • Raw materials are examples of __________ because they vary depending on production levels
    Variable costs
  • If the company earns only a small amount of money it is considered a __________
    Small profit
  • They are plan-integrator-coordinator- monetary- operation and resource
    Budget elements
  • The profit calculated before deducting taxes is called __________
    Profit before tax
  • The __________ combines both the operation and financial budgets of a company
    Master budget
  • A __________ stays the same even if production changes
    Fixed budget
  • The __________ predicts the company’s income expenses and financial needs
    Financial budget
  • The __________ helps plan daily activities and resource allocation in a company
    Operation budget
  • The marketing team prepares a __________ to estimate future product demand
    Sales forecast
  • The profit calculated after paying taxes is called __________
    Profit after tax
  • The department manager worked with an __________ to manage specific parts of the budget
    Auxiliary budget
  • Companies often have to __________ employees for extra hours or overtime
    Pay
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