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The Components Of A Comprehensive Budget And What Is The Purpose Of Each Component?

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a.What financial tools described in this chapter can help you make better financial decisions?

It's cash flow and financial statement. Cash flow budged can be alternative format as cash management tool which show us clear and detailed information and timing, and amount of cash flow. So if you could see unexpected expense on the cash flow, it's is easy to analyze why it happen, it can be risk or none recurring expense or unexpected income can see as opportunity as for investment or high return interest or divined.

And financial statement allow us to see current financial situation of summary. So we could find our net worth is surplus or not. Also can see capitalize expense on it, to see how our asset value going on, and will go on. And availability of liquidation of our asset.

b.What are the components of a comprehensive budget and what is the purpose of each component? …show more content…

So as the component of income, we can see how much we sold our labor, service, good to obtain liquidated asset as monetary.And for the expense, we can see how much good and service we consumed as component. The purpose of to see those financial activity is we can predict short term financial status, which mean is we can make budged based on it and analyze and manage our financial activity for our future financial

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