Budgeting and long-range planning are two terms that describe the same process.

Question

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Budgeting refers to the short-term process of allocating financial resources based on current income and expenses, while long-range planning involves setting financial goals and creating a plan to achieve them over a longer period of time, often spanning several years. While both involve financial planning, they have different focuses and time horizons.

Budgeting and Long-Range Planning Are Two Terms That Describe the Same