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Budget - Define the term budget and identify four benefits...

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Define the term budget and identify four benefits of budgeting. A budget is a list of all planned revenues and expenses and revenues, it plans a forecast of expenditures and revenues and how the business might financially perform if certain strategies, events and plans are carried out. Some of the benefits of budgeting: It incorporates a long term perspective Establish Broad Goals to Guide Government Decision Making - A government should have broad goals that provide overall direction for the government and serve as a basis for decision- making. o Assess community needs, priorities, challenges and opportunities o Identify opportunities and challenges for government services, capital assets, and management o Develop and disseminate broad Incorporates a long-term perspective • Establishes linkages to broad goals • Focuses budget decisions on results and outcomes • Involves and promotes effective communication with stakeholders, and • Provide incentives to government management and employees.
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