Which statement concerning budgeting is correct?
A) A budget prepared by an individual is more detailed than one used by a business.
B) All budgets must be prepared in dollar values.
C) A budget is an essential step in managing a business efficiently.
D) Budgeting and performance evaluation are not closely related.

Question

Quizplus · Accepted Answer

A budget is a crucial tool in managing finances, projecting revenues and expenses, and making informed decisions about where to allocate resources. Without a budget, businesses may overspend or waste money on unnecessary expenses, leading to financial difficulties.

Which Statement Concerning Budgeting Is Correct