Final answer:
Determining costs and anticipated revenue to create a financial plan is known as budgeting, which is a key managerial function that involves planning finances to ensure proper funding for operational expenses and aligning with anticipated revenue.
Step-by-step explanation:
The function of a manager that involves determining the cost for staff salaries and benefits, equipment, and other operational expenses, as well as the amount of revenue anticipated, is best described as budgeting. Budgeting is the process in which a financial plan is created to project both the revenues and the expenses for a future period. This ensures that the organization has sufficient funds to operate and is part of the broader financial management function.
Budgeting involves calculating the total cost, which is the sum of all expenses a firm incurs in producing and selling its products. It also entails assessing anticipated revenue, which depends on the demand for the firm's products. Effective budgeting contributes to successful planning and directing society, meeting social needs through careful financial planning.