1. What are some of the major goals of the budgeting process? Explain. 2. Explain conservative budgeting. Why should you practice conservative budgeting? 3. What does it mean to consider Macro & Micro factors during budgeting? Give examples. 4. Distinguish between an operational budget versus a Capital budget. Give examples. 5. What are some ways you can pay for expensive Capital Budget items? Explain. 6. We all from time to time experience budget variances. Define a budget variance & how you can address these variances. Give examples. 7. Are you supposed to account for savings and entertainment in a budget? Explain. 8. How does a budget change or evolve throughout your life? Describe how a budget might change at 25 years old versus 50 years old. 9. Do you currently prepare a formal budget? Explain if you are meeting budget goals or not meeting goals, budget surplus or deficit. Where are some areas you could increase your chances of meeting budgetary goals? Explain

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1 Major Goals of the Budgeting Process Planning Setting financial goals and objectives Control Monitoring and comparing actual performance with budgeted targets Coordination Aligning resources and act... View the full answer