Question : The process of comparing the actual results of a budget to the planned results is known as:
Option 1: Budgetary control
Option 2: Budgetary analysis
Option 3: Budgetary implementation
Option 4: Budgetary evaluation
Correct Answer: Budgetary evaluation
Solution : The correct answer is (d) Budgetary evaluation.
The process of comparing the actual results of a budget to the planned results is known as budgetary evaluation. This evaluation involves analyzing the financial performance, assessing the outcomes, and determining the effectiveness of budget implementation.
Budgetary evaluation helps in understanding the variances between actual results and planned targets, identifying the reasons for deviations, and evaluating the impact of budgetary decisions and actions. It provides valuable insights into the success or failure of budgetary measures, the efficiency of resource allocation, and the achievement of financial goals.
Budgetary control, on the other hand, refers to the overall process of monitoring and controlling the budget throughout its implementation, including budget preparation, budgetary analysis, and budgetary control techniques.
Question : The process of comparing actual performance with planned performance is known as:
Option 1: Forecasting
Option 2: Monitoring
Option 3: Controlling
Option 4: Analyzing
Question : Which management function involves comparing actual performance with planned performance?
Option 1: Planning
Option 2: Organizing
Option 4: Directing
Question : A government budget that includes provisions for an economic downturn is known as:
Option 1: A countercyclical budget
Option 2: A balanced budget
Option 3: A deficit budget
Option 4: A surplus budget
Question : The process of allocating government resources in order to meet the goals and objectives of the government is known as:
Option 1: Fiscal policy
Option 2: Monetary policy
Option 3: Budgetary policy
Option 4: Industrial policy
Question : The process of identifying individuals who have the potential to fill higher-level positions in the future is known as:
Option 1: Succession planning
Option 2: Job analysis
Option 3: Performance appraisal
Option 4: Recruitment
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