Question: 1. Using the textbook and/or the Internet, find resources that confirm the importance of budgeting to organizations and answer the questions below in essay format.

2. Your essay must include an introduction, body, and conclusion, and address all relevant parts of each question. Your response should be a minimum of 300 words in length. Make sure to cite any references you use. At a minimum, you must cite your textbook and one other resource. Proper citation format for a reference includes the name of the author(s), the title of the work, the date of the publication, and the page number.

The Budgeting Process

1. Briefly describe your understanding of how and why managers use budgets.

2. What types of budget approaches are typically used in for-profit companies as opposed to non-profit organizations? Explain at least two different budget methods.

3. Describe a minimum of two ways in which a personal budget is similar to a business budget. Elaborate your response.

Note: You must use and cite at least two resources.