VOCABULARY

VOCABULARY

1. Planning

   • Decision-making process

2. Budgeting

   • Planning and calculating expenses and income

3. Budgets

   • calculation, planning and advance formulation of expenses and income

4. Master budget

   • It reflects the implications of the ordinary activity together with the financial needs of the company.

5. Purchases budget

   • limiting the amount of raw materials a company buys

6. Sales budget

   • anticipates the profitability of a company during a certain period based on its historical records and environmental conditions

7. Selling budgets

   • what the company hopes to sell and generate in business

8. Production budget

   • consists of calculating how much it will cost to manufacture the number of products that a firm will consider selling

9. Director labor budget

   • In charge of financing budgets in a particular company

10. Overhead budget

    • Modular part of the budget

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