The itemized estimate of income and disbursements.

The itemized estimate of income and disbursements.

• A. Audit
• B. Ledger
• C. Assessment
• D. Budget

Answer: (D)

The main concept being tested is identifying the term for a plan that shows expected income and expenditures in detail. The itemized estimate of income and disbursements is a budget. It functions as the organization’s financial plan for a specific period, listing anticipated revenues and the proposed categories of spending so members can understand and approve it. An audit, by contrast, is the formal review of financial records for accuracy and compliance. A ledger is the actual record of transactions kept during the period. An assessment is a charge or levy, such as dues or taxes, not a forecast of income and spending.

The main concept being tested is identifying the term for a plan that shows expected income and expenditures in detail. The itemized estimate of income and disbursements is a budget. It functions as the organization’s financial plan for a specific period, listing anticipated revenues and the proposed categories of spending so members can understand and approve it. An audit, by contrast, is the formal review of financial records for accuracy and compliance. A ledger is the actual record of transactions kept during the period. An assessment is a charge or levy, such as dues or taxes, not a forecast of income and spending.