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Budgeting in any organization, whether it is for-profit, nonprofit, or even a governmental agency, is important for: income planning and monitoring; revenue versus expenses; resource management; and successful financial planning.

  1. Provide an example as to why these reasons are so important for organizations to budget.
  2. What are the types of budgets organizations can use? How are they different and why would a company choose one type over another?
  3. How can you apply what you will learn in this class to your personal and professional life?

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Explanation & Answer

Please see the attached file :).

Budgeting in any organization, whether it is for-profit, nonprofit, or even a governmental agency, is
important for: income planning and monitoring; revenue versus expenses; resource management;
and successful financial planning.
1. Provide an example as to why these reasons are so important for organizations to budget.
It is true that budgeting is very important, whether it is profit or non-profit organization as stated in the
above reasons for budgeting important. Like for example, let's says the non-profitable organization like
charity organization for people with disability. This organization served to comply with the needs of these
people, giving them foods, shelter, attent...


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