Lesson 2 Homework Practice Personal And Family Budgets Answer Key NEW!

[Tanja Freeze]

Questions of how to best organize and manage the farm business in a manner consistent with the goals and objectives of the farm family must be continually addressed. The decision as to whether the considered alternatives are consistent with established goals and objectives rests upon the farmer and the farm family acting as the manager if no outside management is hired. Budgeting is a management tool that can provide information to answer a multitude of questions if used properly. Combining inputs into products, allocating resources to alternative products and choosing combinations of different products can be analyzed efficiently through the use of budgets.

Lesson 2 Homework Practice Personal And Family Budgets Answer Key NEW!

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There are three basic types of budgets that can be used in the farm business management process. Each type of budget provides different information to the manager for use in the decision-making process. The common thread in each type is that, if properly defined and used, the budget format permits the manager to use economic logic to answer questions of what, how much and when resources should be used to achieve the goals and objectives as established by the farm family.

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