Can you provide a overview of budgeting and forecasting in financial management? Describe the various types of budgets and forecasting methods. Additionally, explain how to prepare a budget and a forecast specifically tailored for a small business. Lastly, what are the key distinctions between budgeting and forecasting, and under what circumstances would a business opt to create one over the other?

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Overview of Budgeting and Forecasting in Financial Management Budgeting and forecasting are essential components of financial management that help businesses plan allocate resources and make informed ... View the full answer