Question: Use examples to explain your answers. 1. What is a budget? Why is budgeting important? 2. What is a variance? How can variances be used

Use examples to explain your answers.

1. What is a budget? Why is budgeting important?

2. What is a variance? How can variances be used in evaluating the performance of an organization? Use examples to explain your answer.

3. What is a sales budget? Explain two factors that need to be considered when forecasting sales.

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