3.9 Budgets (HL Only) Glossary

IB Business Management: 3.9 Budgets (HL Only) Glossary

www.thinkib.net/businessmanagementAdverse varianceThis discrepancy in the budget occurs when profit is lower than expected, due to costs being higher than expected and/or revenues being lower than predicted.BudgetA detailed financial plan for the future, usually involving the expected costs and revenues or a cash flow forecast, for a pre-determined period of time.Cost centreA section or division of a business that has...

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