Which of the Following Is True of Budgets

Multiple Choice

Which of the following is true of budgets?

A) Budgets are detailed forward looking financial reports based on expected income and expenses.
B) Budgets describe a person's financial position at a given point in time.
C) Budgets measure a person's financial performance at a given point in time.
D) Budgets describe a person's financial goals over a specific period of time.
E) Budgets are historical documents that tell an individual how he or she has performed in the past.