A formalized financial plan for organizational operations in the coming year is best described as a:
A) Long-term strategy
B) Short-term operating plan
C) Budget
D) Decision right

Question

Quizplus · Accepted Answer

A formalized financial plan for organizational operations in the coming year is commonly referred to as a budget. A budget is a short-term operating plan that outlines an organization's anticipated income and expenses over a defined period, usually one year. It is an essential tool for ensuring financial stability and achieving organizational goals. Long-term strategy refers to a broad plan outlining an organization's objectives and plans for achieving them over an extended period, usually three to five years. Decision rights refer to the authority given to individuals or groups to make specific decisions.

A Formalized Financial Plan for Organizational Operations in the Coming