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Saving Money In Today's Economy And Consumerist Society - Term Paper Example

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The prime purpose of the paper "Saving Money In Today's Economy And Consumerist Society" is to attempt to outline basic concepts of income and expenses in terms of budgeting and describe various uses and managerial strategies of making use of good debt…
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Saving Money In Todays Economy And Consumerist Society
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Download file to see previous pages Reviewing the income and expenses tells whether the business is running within the expected means or not. Basically, the budget is prepared based on cash analysis, as an income and expense statement and cash budget are prepared through three stages, estimating income, estimating expenses and finalizing the cash budget (Gitman and Joehnk, 2007, p. 2:46). As Gitman (2006) described, the cash budget or cash forecast is an accounting or financial statement of all cash inflows and outflows of a firm, used by it to estimate its short-term cash requirements and with a particular intention to make surplus cash for cash shortage, more specifically for saving money to meet contingencies and unexpected emergencies (p. 116).
Income, commonly termed as revenue, is all the monies received by a business in a particular period of time. This money is derived from retail sales, wholesale sales, the sale of manufactured goods, the sale of services, interests earned and other miscellaneous receipts. In relation to a successful saving plan and budgeting process, income for a particular coming period of time (say one year) is to be estimated, including all its variations like income from interests, sales, and other miscellaneous receipts.
Sales forecast, which is very similar to the income forecast in relation to the cash budgeting, is the key input to the short-term financial planning process. The sales estimation of the firm over a given period of time is prepared by the management by estimating the monthly cash flows that will result from the projected sales receipts and payouts related to production, inventory, and sales. ...Download file to see next pagesRead More
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