Budgeting items: • The principal's salary is fifty thousand dollars ($50,000.00) per month. THREE (3) teachers with a salary of thirty thousand dollars ($30,000.00) each per month. The cook and the janitor are paid seven thousand dollars ($7,000.00) weekly. • The school fee is fifteen thousand, five hundred dollars ($15,500.00) per term and there are seventy (70) students enrolled. The cost of lunch is one thousand dollars ($1,000.00) weekly. The school receives a grant of sixty thousand dollars ($60,000.00) each term from the Ministry of Education. Utility, maintenance and miscellaneous should be included. ● Requirement: A) Identify at least THREE (3) types of budgets. B) Discuss at least TEN (10) benefits of budgeting C) Use the information provided to create a Budget

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.