Here are the 2015 revenues for the Wendover Group Practice Association for four different budgets (in thousands of dollars): Static Budget Flexible (Enrollment/ Flexible (Enrollment) Actual Utilization) Budget Budget Results $425 $200 $180 $300 a. What do the budget data tell you about the nature of Wendover's patients: Are they capitated or fee-for-service? (Hint: See the note to Exhibit 8.7.) b. Calculate and interpret the following variances: Revenue variance . Volume variance • Price variance Enrollment variance Utilization variance
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.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
