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1 . Why is the purpose of a budget and why is it important to create a budget? ( For business or personal ) .

1. Why is the purpose of a budget and why is it important to create a budget? (For business or personal). Please discuss.
2. Discuss why after building a budget why is it important to follow it?
3. Why would a 3 to 5 year master budget be important in the budgeting process? Please discuss.

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