Question 1:- (15 marks)

a) Assuming that you are running a printing shop. Identify 3 items as fixed costs and 3 items as variable costs of your business. Hint: You also need to determine the level of activity in your business. (6 marks)

b) What would be the implications if a business does not prepare a budget? Explain your views (4 marks)

c) Choose one limitation of budgeting and write clearly on that point using your own words. (5 marks)