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Hobigob Hobigob
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6 years ago
Explain the purpose of budgets and forecasts.
 
  What will be an ideal response?
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6 years ago
Forecasting uses historical information and knowledge of external factors to predict future results. These forecasts are used to build a budget. Forecasting usually takes past numbers and builds in a certain additional percentage to account for growth. A budget is a plan that shows how managers expect to obtain and use resources to achieve the objectives of the business.
Hobigob Author
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6 years ago
White Heavy Checkmark Correct!
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