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Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business . Describe 2 main types

Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business.Describe 2 main types of budgeting: static budgets and flexible budgets.

Respond to the following in several sections:

  • Differentiate between the 2 types of budgets.
  • Provide an example of the type of business or company that would benefit from using a flexible budget.
  • Provide support for your business selection and include the advantage for using a flexible budget over a static budget.

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