georgeware9
Mind Map by , created over 5 years ago

Business Studies Mind Map on Budgets, created by georgeware9 on 04/06/2014.

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georgeware9
Created by georgeware9 over 5 years ago
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Budgets
1 Income Budget
1.1 Shows agreed, planned-for income or sales revenue of the business over set period of time
2 Expenditure budget
2.1 Shows agreed planned for costs or expenditure of the business over a set period of time
3 Profit Budget
3.1 Combines income and expenditure budgets and forcasts how much profit the business will make over a set period of time
4 Benefits of using budgets
4.1 Can measure performance
4.2 Can be motivational
4.3 can make departments accountable
4.4 give business greater control and can monitor progress
5 Drawbacks of using budgets
5.1 New business startups lack experience in setting realistic budgets
5.2 Costs are volatile and can change quickly
5.3 Chances may be missed if budgets are to strict

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