Final answer:
Budgeting and protection of revenues is a key function of management. Management involves planning use of revenues and budget changes, which can be influenced by policy decisions and events. The budgets are critical for efficient resource use and achieving organizational goals.
Step-by-step explanation:
Budgeting and protection of revenues is one of the key functions within the realm of management. It involves creating a plan for how revenue is to be acquired and how it is going to be spent, ensuring it aligns with policy goals and priorities for the fiscal year. Management is responsible for crafting budgets that show anticipated taxes and other income, which we can refer to as receipts, and the expenditures, or what an entity like the federal government plans to spend.
All levels of government—federal, state, and local—maintain budgets to manage their finances effectively. As policies change and unexpected events occur, these budgets can change significantly over short periods, making the budgetary process a dynamic one. Elected leaders accordingly use several strategies to oversee this process and ensure that the public administrators in the bureaucracy adhere to set fiscal policies.
Whether we are discussing a team, a business, or a government body, management generally involves the handling of budgets to ensure efficient use of resources and the facilitation of organization goals. Therefore, the answer to the student's question about who handles budgeting and protection of revenues is 'b. Management'.