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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