Budgets

Beschreibung

Business Studies Mindmap am Budgets, erstellt von georgeware9 am 06/04/2014.
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Mindmap von georgeware9, aktualisiert more than 1 year ago
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Erstellt von georgeware9 vor mehr als 10 Jahre
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Zusammenfassung der Ressource

Budgets
  1. Income Budget
    1. Shows agreed, planned-for income or sales revenue of the business over set period of time
    2. Expenditure budget
      1. Shows agreed planned for costs or expenditure of the business over a set period of time
      2. Profit Budget
        1. Combines income and expenditure budgets and forcasts how much profit the business will make over a set period of time
        2. Benefits of using budgets
          1. Can measure performance
            1. Can be motivational
              1. can make departments accountable
                1. give business greater control and can monitor progress
                2. Drawbacks of using budgets
                  1. New business startups lack experience in setting realistic budgets
                    1. Costs are volatile and can change quickly
                      1. Chances may be missed if budgets are to strict
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