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| Why do we produce budgets? | |
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Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include -To control activities. -To communicate plans to various responsibility center managers. -To motivate managers to strive to achieve budget goals. -To evaluate the performance of managers
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| Business start-up budget | |
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The process of calculating the costs of starting a small business begins with a list of all necessary purchases including tangible assets (for example, equipment, inventory) and services (for example, remodeling, insurance), working capital, sources and collateral. The budget should contain a narrative explaining how you decided on the amount of this reserve and a description of the expected financial results of business activities. The assets should be valued with each and every cost. All other expenses are like labour factory overhead all freshmen expenses are also included into business budgeting.
[edit] Tags:Expenses, | |
| Corporate budget | |
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The budget of a company is often compiled annually, but may not be. A finished budget, usually requiring considerable effort, is a plan for the short-term future, typically one year (see budget year). While traditionally the Finance department compiles the company's budget, modern software allows hundreds or even thousands of people in various departments (operations, human resources, IT, etc.) to list their expected revenues and expenses in the final budget.
If the actual figures delivered through the budget period come close to the budget, this suggests that the managers understand their business and have been successfully driving it in the intended direction. On the other hand, if the figures diverge wildly from the budget, this sends an 'out of control' signal, and the share price could suffer as a result.
[edit] Tags:Company,Budget Year, | |
| Event management budget | |
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A budget is a fundamental tool for an event director to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even. A budget can also be used as a pricing tool.
There are two basic approaches or philosophies when it comes to budgeting. One approach focuses on mathematical models, and the other on people.
The first school of thought believes that financial models, if properly constructed, can be used to predict the future. The focus is on variables, inputs and outputs, drivers and the like. Investments of time and money are devoted to perfecting these models, which are typically held in some type of financial spreadsheet application.
The other school of thought holds that it’s not about models, it’s about people. No matter how sophisticated models can get, the best information comes from the people in the business. The focus is therefore in engaging the managers in the business more fully in the budget process, and building accountability for the results. The companies that adhere to this approach have their managers develop their own budgets. While many companies would say that they do both, in reality the investment of time and money falls squarely in one approach or the other.
[edit] Tags:Event Director,Budget Process,Budgets,Read, | |
| Government budget | |
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For more details on this topic, see Government budget.
The budget of a government is a summary or plan of the intended revenues and expenditures of that government.
[edit] Tags:Government Budget,Government, | |
| United States | |
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Main article: United States federal budget
The federal budget is prepared by the Office of Management and Budget, and submitted to Congress for consideration. Invariably, Congress makes many and substantial changes. Nearly all American states are required to have balanced budgets, but the federal government is allowed to run deficits.
[edit] Tags:United States Federal Budget,Office Of Management And Budget,Balanced Budgets,Deficit,Article, | |
| United Kingdom | |
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Main article: United Kingdom budget
The budget is prepared by the Treasury under the direction of the Chancellor of the Exchequer. Parliament rarely makes any significant amendments.
[edit] Tags:United Kingdom Budget, | |
| India | |
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Main article: Union budget of India
The budget is prepared by the Budget Division of Department of Economic Affairs of the Ministry of Finance annually. This includes supplementary excess grants and when a proclamation by the President as to failure of Constitutional machinery is in operation in relation to a State or a Union Territory, preparation of the Budget of such State. The railway budget is presented separately.
[edit] Tags:Union Budget Of India,Ministry Of Finance,Railway Budget, | |
| Personal or family budget | |
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For more details on this topic, see Personal budget.
In a personal or family budget all sources of income (inflows) are identified and expenses (outflows) are planned with the intent of matching outflows to inflows (making ends meet). In consumer theory, the equation restricting an individual or household to spend no more than its total resources is often called the budget constraint.
[edit] Tags:Personal Budget,Income,Consumer Theory,Budget Constraint, | |
| Budget types | |
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Sales budget – an estimate of future sales, often broken down into both units and dollars. It is used to create company sales goals.
Production budget – an estimate of the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including labor and material. Created by product oriented companies.
Cash flow/cash budget – a prediction of future cash receipts and expenditures for a particular time period. It usually covers a period in the short term future. The cash flow budget helps the business determine when income will be sufficient to cover expenses and when the company will need to seek outside financing.
Marketing budget – an estimate of the funds needed for promotion, advertising, and public relations in order to market the product or service.
Project budget – a prediction of the costs associated with a particular company project. These costs include labor, materials, and other related expenses. The project budget is often broken down into specific tasks, with task budgets assigned to each.
Revenue budget – consists of revenue receipts of government and the expenditure met from these revenues. Tax revenues are made up of taxes and other duties that the government levies.
Expenditure budget – includes spending data items.
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| See also | |
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Budget crisis
Budget Day
Budget process
Budget overrun
Budget surplus
Budget theory
List of European countries by budget revenues
Government budget by country
Canadian federal budget
Constitutional economics
Deficit
Envelope System
Film budgeting
Participatory budgeting
Personal finance
Strategic misrepresentation
United States budget process
Variance analysis (accounting)
Zero-based budgeting
Performance-based budgeting
[edit] Tags:Budget Crisis,Budget Day,Budget Overrun,Budget Surplus,Budget Theory,List Of European Countries By Budget Revenues,Government Budget By Country,Canadian Federal Budget,Constitutional Economics,Envelope System,Personal Finance,Strategic Misrepresentation,United States Budget Process,Variance Analysis (accounting), | |
| References | |
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^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 502. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
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| External links | |
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Look up budget in Wiktionary, the free dictionary.
Wikimedia Commons has media related to: Budget
Origin of the word
Retrieved from "http://en.wikipedia.org/w/index.php?title=Budget&oldid=471079420"
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