Define these three terms: 1) balanced budget, 2) profit, 3) loss. Explain why it is important for a center to operate under a balanced budget
What will be an ideal response?
ANSWER:
?A balanced budget is one where income and expenses must be equal.
?
When there is a surplus on the income side of the budget, it is categorized as profit. In a for-profit business, the surplus can be put in a reserve fund for large expenses that may occur in future years whereas in a not-for-profit business, funds would be added to appropriate budget categories or put in reserve fund. If budget projects a loss, serious attention must be paid to immediately trimming expenses or increasing funding.
?
Operating under a budget that is not balanced can lead to bankruptcy, closing the center, and/or serious cuts in the program’s quality.
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Indicate whether the statement is true or false
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a. identifies performance goals and objectives essential for successful transition to the world of work. b. focuses on long-term future outcomes which may not include academic achievement. c. identifies academic skill areas critical to functioning in the world of work. d. focuses on related services that are essential for successful transition.