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Question
What is the primary purpose of a budget in business management ?
व्यवसाय प्रबंधन में बजट का प्राथमिक उद्देश्य क्या है ?
A.
Increasing sales
B.
Planning and controlling activities
C.
Purchasing machinery
D.
Reducing employee wages
Answer ( Option B)

Planning and controlling activities

Solution

  • A budget is a management tool used for planning, programming, and controlling business activities. 
  • It outlines a financial statement prepared in advance to achieve specific objectives, incorporating income, expenses, and capital use.
  • The budget serves as a plan of action for spending and helps in cost control.
Key points about budget:
  • Used for cost control and overall management.
    Represents financial requirements to achieve projected profits.
  • Predicts future needs, like labor, sales, and production, based on past data.
  • Coordinating tool for various business functions, helping in the overall business operation.

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