Question

What are the characteristics of successful budgets?

a) Flexibility, accuracy, and simplicity
b) Flexibility, transparency, and complexity
c) Rigidity, complexity, and accuracy
d) Simplicity, transparency, and rigidity

Answer 1

Successful budgets are characterized by flexibility, accuracy, and simplicity.

Step-by-step explanation:

The characteristics of successful budgets are:

1. Flexibility: A successful budget should allow for changes and adjustments to accommodate unforeseen expenses or changing circumstances.
2. Accuracy: A successful budget should be based on realistic estimates and precise calculations to ensure that it reflects the actual financial situation.
3. Simplicity: A successful budget should be easy to understand and follow, enabling effective financial decision-making.