In the context of small businesses, _____ is a series of prescribed steps to be taken to ensure that a profit will be made.
A) budgeting
B) profit planning
C) forecasting
D) profit monitoring

Question

Quizplus · Accepted Answer

Profit planning involves developing strategies and plans to ensure that a business will generate a profit. It involves identifying the costs associated with various business activities and developing a pricing strategy that will ensure that revenue exceeds those costs. It also involves identifying potential areas for growth and implementing strategies to capitalize on those opportunities. Budgeting is related to profit planning, as it involves allocating resources to various business activities based on expected revenue and expenses. Forecasting is the process of estimating future revenue and expenses based on past performance and market trends. Profit monitoring involves tracking actual revenue and expenses to ensure that a business is on track to meet its profit goals. While all of these activities are important for small businesses, profit planning is specifically focused on ensuring that a profit will be made.

In the Context of Small Businesses, _____ Is a Series