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Budgeting Quiz

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1. What is the primary goal of budgeting?

2. What type of budget includes income and expenses that might vary from month to month?

3. Which budgeting method requires you to justify every expense each time a new budget is created?

4. Why is it important to include a contingency fund in your budget?

5. Which type of budget is set up at the same amount regardless of changes in actual income or expenses?

6. What is a capital budget used for?

7. Why might a company use a sales budget?

8. What best defines the term 'budget variance'?

9. What is the main disadvantage of top-down budgeting?

10. What type of budget combines elements of both the static and flexible budget?