Confirm the importance of budgeting to organizations and answer the questions thorughly and briefly describe your understanding of how and why managers use budgets.

What types of budget approaches are typically used in for

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profit companies as opposed to non

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profit organizations? Explain at least two different budget methods.

What type of budget will you use for your company?

Provide one specific example or share a real

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life story about a company facing difficulties because its budgeting practices didn't go as planned.

Describe a minimum of two ways in which a personal budget is similar to a business budget. Elaborate your response.