Asked by David Hornbek Jr. on May 11, 2024
Verified
A budget is essentially a long-term financial plan.
Budget
An estimate of income and expenditure for a set period of time, often used for planning and managing finances.
- Acquire knowledge about the importance of budgets in the context of financial planning, performance review, and the process of making choices.
Verified Answer
KV
Kendra VictoriaMay 11, 2024
Final Answer :
False
Explanation :
A budget is typically a short-term financial plan, usually for a year, outlining expected income and expenses, whereas long-term financial plans cover longer periods and often include broader financial goals and strategies.
Learning Objectives
- Acquire knowledge about the importance of budgets in the context of financial planning, performance review, and the process of making choices.