Respond to the following prompts. If appropriate, include personal experience in your response:

• Budgets are an important aspect of any business. How do managers use budgets specifically? What type of information do budgets provide to managers?
• In light of the Covid-19 situation, explain how you think a university's student resident accommodations budget would be impacted and how management might use budget information to make decisions.
• Identify the four types of responsibility centers. Explain why responsibility centers are necessary for responsibility accounting.