Question

Which of the following is NOT a true statement concerning budgets?

O Are a specific plan on how to spend and save money
O Are numerical records which do not express spending results over a specific time period
O Are a blueprint
O Are used as a planning guide

Answer 1

The following statement is NOT true concerning budgets:

- Are numerical records which do not express spending results over a specific time period

Budgets are a specific plan on how to spend and save money, and they are used as a planning guide or blueprint. They help individuals and organizations allocate their financial resources efficiently and effectively, by setting financial goals and identifying the resources needed to achieve them.

Budgets involve creating numerical records of projected income and expenses, usually over a specific time period such as a month, quarter, or year. By tracking actual spending and comparing it to the budgeted amounts, individuals and organizations can monitor their financial performance and make adjustments as needed.

Therefore, the statement "Budgets are numerical records which do not express spending results over a specific time period" is not true.