Question

"An expression of a business plan in financial terms for same specific period" is called __________.

• A. Budget
• B. Control
• C. Budgetary control
• D. None of these

Answer 1

The correct option is A Budget

A budget is a financial plan for a defined period of time, normally a year. There are various kinds of budgets, which may includes revenue budget or expense budget.

Functional budgets are prepared for each of the function/activity like sales budget, material budget, expense budget etc. A master budget is a combined documents which includes the summary of all functional budgets.