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Budgeting for an SAE Project

Budgeting for an SAE Project. Modified by Georgia Agricultural Education Curriculum Office July, 2002. Objectives:. Define budget Explain budgeting process Explain types of budgets Complete a partial decision Complete a cash flow budget. BUDGET.

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Budgeting for an SAE Project

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  1. Budgeting for an SAE Project Modified by Georgia Agricultural Education Curriculum Office July, 2002

  2. Objectives: • Define budget • Explain budgeting process • Explain types of budgets • Complete a partial decision • Complete a cash flow budget

  3. BUDGET • A plan for income and expense over a given period of time.

  4. Purposes of budget: • Assist in decision making • Go/No go decisions • Compare alternatives • Best combination of resources • Plan financing

  5. Budgeting Process: • Forecast types of expense items • Estimate amounts of each input • previous records • efficiency factor tables • estimate costs of each input • get prices from suppliers • Estimate amount of goods and services that should result • previous records • efficiency factor tables • Estimate income from each good or service • Subtract forecast expenses from forecast income

  6. Partial Budget • Compare effects of alternative solutions to a single decision. Should I purchase the 42" riding mower or the 30" riding mower?

  7. Unit Budget • Estimate income and expenditures for the fiscal or calendar year at the unit level, such as per acre.

  8. Enterprise Budget • Estimate income and expenditures for the fiscal or calendar year for the specific enterprise, such as my snow removal enterprise

  9. Total Budget • Estimate total income and expenditures for the fiscal or calendar year for the person or family. What net income can I expect for the year from all my combined efforts?

  10. Cash Flow Budget • A budget in which income and expense forecasts are allocated by week, month, quarter, or other period as appropriate to the business.

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