1. What are the three major objectives of budgeting? 2. Briefly describe the typ

Question

1. What are the three major objectives of budgeting?

2. Briefly describe the type of human behavior problems that might arise if budget goals are set too tightly or too loosely.

3. can read per minute. Suppose a sample of size 1825 is drawn from local third graders with x 24.5. Assume ? = 5.2 Construct the 98% confidence interval for the mean number of words. Round your answers to 1 decimal place) An educational psychologist wishes to know the mean number of words a third grader Lower Bound: Upper Bound:

Explanation / Answer

1-:A budget system consists of the elements that show how money is spent within a company for the short and long terms. Companies use budget systems to accomplish goals for growth and sustainability with the finances at hand. The budget systems include coordination, allocation of resources and general planning for operations.

three major objectives of budgeting :--

a) It forces you to plan ahead.

b) Execute plan to achieve goals.

c) Periodically compare actual goals.

2)-->> human behavior problems that might arise if budget goals are set too tightly ::--

If goals set by the budgets are viewed as unrealistic or unachievable, employees and managers may become discouraged and may not be commited to the achievement of the goals, resulting in the budget becoming less effective as a planning and control tool.

-->> behavioral problems associated with setting a budget too loosely :--

A budget that is set too loosely may Fail to motivate managers and other employees to perform efficiently. In addition, a loose budget may cause a “spend it or lose it” mentality, where excess budget resources are spent in order to protect the budget From Future reductions.

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