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Subjects

Giving a maximum travel expense limit to the sales department relates to which plan?

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Answer and explanation

Correct answer: Budget

A budget is a plan expressed in numerical terms that sets out expected income, expenditure, or use of resources. Fixing a maximum amount for the sales department's travel expenses is a financial allocation, so it is a budget. A rule gives a definite instruction about what must or must not be done; here, the focus is on a monetary limit. Exam tip: Words such as amount, cost, expense limit, or numerical target usually point to a budget.

Tags

business studiesplanningtypes of plansbudgetsales expenses

Frequently asked questions

What is the correct answer to this question?

Budget

Why is this the correct answer?

A budget is a plan expressed in numerical terms that sets out expected income, expenditure, or use of resources. Fixing a maximum amount for the sales department's travel expenses is a financial allocation, so it is a budget. A rule gives a definite instruction about what must or must not be done; here, the focus is on a monetary limit. Exam tip: Words such as amount, cost, expense limit, or numerical target usually point to a budget.

Which subject and chapter does this question cover?

This is a Class 12 Business Studies question. Chapter: Planning. Topic: Types of plans.

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