Which of the following statements regarding budgets is true?
A) Budgets are meant for poor people only.
B) Budgets need software to be effective.
C) Budgets are forward looking.
D) Budgets do not need to be revised.
E) Budgets provide long-term financial forecasts.

Question

Quizplus · Accepted Answer

Budgets are forward looking, meaning that they are based on future expectations and are used to guide financial plans and decisions. This allows individuals and organizations to allocate resources effectively and improve financial stability. The other statements are false, as budgets are not limited to any income level, do not necessarily require software, must be revised periodically, and may provide short-term as well as long-term financial forecasts.

Which of the Following Statements Regarding Budgets Is True