When it comes to loans and mortgages, a change in interest rates is not a very uncommon thing. This can happen due to several reasons such as economic factors, market trends, and policies of lending institutions. When this happens, the interest rate of your loan may also change. Blended rate is a term used to describe a new interest rate that is calculated when there is a change in the original interest rate of a loan. By understanding blended rates, it will be easier to manage loans and make informed financial decisions. What is the Blended Rate?Blended loans refer to loans that carry an interest rate formed by combining an existing rate and a fresh rate. This type of loan is commonly seen in both corporate debt refinancing as well as consumer loans like revamped mortgages. The calculation of the blended rate usually involves determining the weighted average of the interest rates on the loans. In simple words, a blended loan merges old and new interest rates to create a unique rate for the borrower. It's a straightforward concept, often used to simplify repayment or adjust to new financial circumstances. How Blended Loans WorkBlended loans work by combining an existing loan's interest rate with a new rate, forming a unique blended rate. When a borrower wants to refinance a loan, instead of completely replacing the old rate, a new rate is added. The resultant blended rate is computed using a weighted average of the original and new rates. This method is commonly employed in situations like corporate debt refinancing or consumer loans, such as revamped mortgages. The main goal is to create a more manageable repayment structure that accounts for changes in financial circumstances while maintaining simplicity in understanding and calculation. Calculating the Blended RateLet's say a business has two different types of debt. One is for $150,000 at an interest rate of 5%, and the other is for $200,000 at a rate of 9%. To calculate the blended rate, first multiply each debt amount by its respective interest rate ($150,000 x 0.05) and ($200,000 x 0.09). Then add these two amounts together. The result is divided by the total debt amount, which is $350,000 in this case. The calculation looks like this: [($150,000 x 0.05) + ($200,000 x 0.09)] / ($150,000 + $200,000) = 7.29%. This figure represents the blended interest rate for the total debt. In personal loans, blended rates are a tool used by financial institutions to retain clients and potentially increase the loan sum for reliable, creditworthy individuals. For instance, consider an individual with a $80,000 mortgage at a 4% interest rate. If they decide to refinance when the current market rate is 6%, the bank might propose a blended rate of 5%. The borrower then has the option to refinance the expanded $120,000 loan at this 5% blended rate. The original $80,000 portion of the loan would maintain its 4% rate, while the extra $40,000 would be subject to the new 5% rate. This approach allows borrowers to take advantage of both existing and new rates in a way that could be more financially beneficial for them. ConclusionDebt is one of the biggest drives of financial decisions in both personal and business life. Understanding various aspects of debt, such as interest rates and blended rates, can help individuals and businesses make informed decisions when it comes to managing their finances. Blended rates are a useful tool for calculating the overall interest rate for multiple debts, making it easier to budget and plan for debt payments. By knowing how to calculate blended rates and being aware of their potential benefits, individuals can make the most out of their loans and financial situations.
Article Source Here: Blended Rate: Definition, Calculation, Formula, Example
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Depreciation refers to the reduction in an asset's value over its life. In accounting, it is crucial to identify whether a company can depreciate a specific asset. Therefore, companies know what a depreciable asset is. What is a Depreciable Asset?A depreciable asset is a long-term tangible asset that experiences a gradual decrease in value over time due to factors like wear and tear, obsolescence, or technological advancements. This decline in value is accounted for through depreciation, an essential accounting method that allocates the asset's cost over its estimated useful life. Various types of assets fall under the category of depreciable assets, including machinery and equipment used in manufacturing, vehicles employed for business purposes, buildings, furniture, fixtures, and certain intangible assets like patents and copyrights. Depreciation ensures that the financial statements accurately reflect the diminishing value of these assets, aligning their recorded value with their actual contribution to revenue or operational efficiency. What are the criteria for a Depreciable Asset?An asset must meet some criteria to determine its eligibility for depreciation accounting. These criteria are below. TangibilityTangibility is a critical criterion for depreciable assets, requiring them to have a physical presence. Limited useful lifeDepreciable assets must have a finite useful life, anticipating factors such as wear and tear, obsolescence, or deterioration over time. Ownership and controlThe entity claiming depreciation must have ownership and control over the asset. Assets under lease or lacking direct control may not be eligible for depreciation. Revenue generationDepreciable assets typically contribute to revenue generation or business operations. Physical wear and tearTo be depreciable, an asset must undergo physical wear and tear or deterioration. This wear and tear should be reasonably estimable, allowing for a systematic allocation of the asset's cost. MeasurabilityThe decline in the value of a depreciable asset should be measurable in monetary terms. Why is land not a Depreciable Asset?Land doesn't fall into the category of depreciable assets for several fundamental reasons rooted in its inherent characteristics. Unlike buildings, machinery, or equipment, land is considered to have an indefinite useful life. It does not undergo the same wear and tear, obsolescence, or physical deterioration that would warrant a systematic allocation of its cost over time. The stability and permanence associated with land contribute to its exemption from the depreciation process. Additionally, the value of land does not typically experience a decline due to factors like aging, making the concept of depreciation, which aims to account for diminishing value, inapplicable. Why is the importance of Depreciable Assets?Depreciable assets play a crucial role in enhancing the accuracy and transparency of financial reporting for businesses. By systematically allocating the cost of assets over their useful lives, depreciation ensures that financial statements provide a realistic depiction of the declining value of tangible assets. This approach aligns with the matching principle in accounting. The recognition of depreciation also facilitates more informed decision-making regarding resource allocation and budgeting. Businesses can plan effectively for ongoing costs related to asset maintenance and strategically budget for the replacement or upgrade of aging equipment, minimizing operational disruptions. ConclusionA depreciable asset is a long-term tangible resource companies can depreciate over time. There are specific criteria to identify these assets. For example, land is not a depreciable asset since it does not have a limited useful life, which is one of the criteria for it to undergo depreciation. Depreciable assets are crucial in accounting as they provide a more accurate picture of a company’s position and performance. Article Source Here: Depreciable Asset: Definition, Importance, Types, Land The lead-lag relationship between stocks refers to the phenomenon where the movement of one stock precedes or lags behind the movement of another stock. This relationship is often analyzed in the context of stock returns and can provide valuable insights into market dynamics and investor behavior. For instance, if Stock A consistently moves before Stock B, it could indicate that investors use information from Stock A to predict the future movement of Stock B, suggesting a lead relationship. Conversely, if Stock A tends to follow the movement of Stock B with a delay, it suggests a lag relationship. Reference [1] quantified the lead-lag relationship by proposing a method that ranks assets from leaders to followers based on pairwise Lévy-area and cross-correlation of returns. The authors pointed out, This paper presented a method to detect linear and nonlinear lead-lag relationships in the US equity market. In contrast to the extant literature, which uses firm characteristics such as market capitalization, trading turnover, and trading volume to select leaders and followers, our method employs the Lévy-area between pairs of stock returns to infer which one in the pair is more likely the leader, and to quantify the strength of this relationship. We constructed a portfolio that uses the previous returns of the leaders to determine positions on the followers; and showed that they generate economically significant performances that outperform all benchmarks in the literature. The performance of our portfolios is robust to various alternative specifications in algorithms, hyperparameters, and data sets… The lead-lag relationships we find change over time. The leader-follower identity of stocks in various sectors changes several times between 1963 and 2022. This finding further supports the necessity of data-driven lead-lag detection methods that capture dynamically evolving lead-lag relationships. Finally, we examined the performance of our portfolios across various rebalancing frequencies, and the results provided empirical support to confirm the slow information diffusion hypothesis. Specifically, the performance of portfolios decreases as both the ranking and the rebalancing are performed less frequently. In summary,
Let us know what you think in the comments below or in the discussion forum. References [1] Cartea, Álvaro and Cucuringu, Mihai and Jin, Qi, Detecting Lead-Lag Relationships in Stock Returns and Portfolio Strategies (2023). https://ssrn.com/abstract=4599565 Article Source Here: Quantifying Stocks Lead-Lag Relationships What is the Principal-Agent Problem?In the realm of business and economics, the principal-agent problem stands as a fundamental challenge, encapsulating the inherent conflict of interests between principals and agents. At its core, this problem arises when individuals or entities (principals) delegate tasks or decision-making authority to others (agents), leading to potential misalignment of incentives and divergent objectives. This dynamic creates a scenario where agents may prioritize their own interests over those of the principals, resulting in adverse outcomes and inefficiencies. Why the Principal-Agent Problem Exists?Several factors contribute to the emergence of the principal-agent problem. One key factor is the asymmetry of information between principals and agents, where agents possess superior knowledge or information regarding the tasks or decisions delegated to them. This information asymmetry can lead to moral hazard, as agents may exploit their informational advantage to act in their own self-interest, potentially at the expense of the principals. Additionally, conflicting objectives, risk aversion, and differing time horizons between principals and agents can exacerbate the problem, creating challenges in aligning interests and ensuring accountability. Solutions to Address the Principal-Agent ProblemVarious strategies and mechanisms have been devised to mitigate the principal-agent problem and promote the alignment of interests between principals and agents. One approach involves implementing incentive structures, such as performance-based compensation or profit-sharing arrangements, to align the interests of agents with those of principals. Additionally, establishing clear contracts, agreements, and monitoring mechanisms can help clarify expectations, delineate responsibilities, and hold agents accountable for their actions. Furthermore, fostering a culture of transparency, communication, and trust between principals and agents can facilitate cooperation and reduce the likelihood of opportunistic behavior. Examples of the Principal-Agent ProblemThe principal-agent problem manifests across diverse contexts and industries, ranging from corporate governance and shareholder relations to government oversight and agency relationships. In the corporate sphere, conflicts of interest between shareholders (principals) and corporate executives (agents) are pervasive, as executives may prioritize short-term gains or personal incentives at the expense of long-term shareholder value. Similarly, in politics and public administration, elected officials (principals) may delegate authority to government agencies or bureaucrats (agents), leading to challenges in ensuring accountability, transparency, and effective governance. ConclusionIn conclusion, the principal-agent problem represents a pervasive challenge in organizational dynamics, characterized by the potential for conflicts of interest, moral hazard, and adverse outcomes. By understanding the underlying reasons behind the problem and implementing appropriate solutions, principals can mitigate risks, promote alignment of interests, and enhance the effectiveness of agency relationships. Through proactive measures and diligent oversight, stakeholders can navigate the complexities of the principal-agent dynamic and foster mutually beneficial outcomes. Article Source Here: Principal-Agent Problem: Understanding the Dynamics, Challenges, and Solutions It's a very unfortunate event when businesses have to come to an end. Many reasons can lead a business to shut down, such as financial struggles, market saturation, or even natural disasters. Whatever the reason may be, business owners need to understand when it's time to close their doors and move on. By understanding how to determine the shutdown point, business owners can minimize losses and make a smooth exit. What is a Shutdown Point?A shutdown point is a specific stage in a business's operations when it doesn't gain any advantage from continuing its activities. As a result, the company may decide to temporarily or even permanently cease operations. This situation occurs when the revenue a company generates is just enough to meet its total variable costs. In simpler terms, a shutdown point is when a company's earnings from each unit of product or service sold (marginal revenue) matches the cost of producing that additional unit (marginal cost). When the marginal profit dips into the negative, the shutdown point has been reached. This concept is typically presented clearly and factually, avoiding complex terminology or personal bias. How Shutdown Point WorksA shutdown point is a critical moment in a business's operation. It's when the revenue made from selling products or services just covers the variable costs (costs that fluctuate with production levels, like raw materials). If a company's revenue equals these costs, it's at its shutdown point. If the revenue falls below variable costs, resulting in a negative marginal profit, the company may decide to stop operations. This decision could be temporary or permanent, depending on the situation. The shutdown point is a clear, factual concept without complexity, used to explain a crucial aspect of business economics. Types of ShutdownThere are two types of shutdowns - temporary and permanent. Each has different consequences for the business.
As the name suggests, a temporary shutdown is when a company pauses its operations temporarily. This type of shutdown usually occurs because of external factors like natural disasters, economic downturns, or equipment failure. The purpose of a temporary shutdown is to wait for conditions to improve before resuming operations. During this time, the company may still incur some fixed costs (costs that do not vary with production levels, like rent), but it avoids the variable costs associated with production.
A permanent shutdown is when a company completely stops its operations and goes out of business. This type of shutdown usually occurs because of internal factors, such as high fixed costs, declining demand for products or services, or inefficient processes. In this case, the revenue no longer covers even the variable costs, resulting in a negative marginal profit. The company may choose to liquidate its assets and distribute funds to creditors and owners before closing permanently. Real Life ExampleAn example of a temporary shutdown can be seen in 2020 when the COVID-19 pandemic hit. Many businesses had to temporarily shut down or reduce operations due to lockdowns and restrictions imposed by governments worldwide. This decision was necessary to ensure the safety of employees and customers, as well as to comply with government regulations. Then there are also some examples of permanent shutdowns, such as Blockbuster, Kodak, and Toys “R” Us. These companies were once successful but eventually failed due to various factors like technological advancements, changing consumer preferences and behaviors, and increased competition. ConclusionIt's a hard time when a company needs to shut down, whether temporarily or permanently. In either case, it serves as a reminder for companies to continuously monitor their financial health and adapt to changing market conditions. With proper management and decision-making, businesses can avoid shutdowns and continue to thrive in their respective industries. Article Source Here: Shutdown Point in Economics: Definition, Example, Types, Meaning One of the most crucial measures of success for a company includes its ability to generate money. In accounting, the term used to describe it is sales turnover. What is Sales Turnover?Sales turnover (also known as turnover or sales revenue) is the total amount of money a company generates from its primary operations. These may include activities like selling goods and services during a specific period. It is a critical metric that reflects the company's ability to convert its products or services into cash. As a metric, sales turnover is a critical indicator of a company's financial performance and often gets reported on the profit and loss statement. It provides insights into the health and growth of a business, as an increasing turnover generally indicates higher sales and a potentially expanding customer base. How to calculate Sales Turnover?Companies can use the sales turnover formula to calculate their revenue. It involves multiplying the number of units by the sale price. However, the calculation may become more complex for companies with complicated operations or activities. Nonetheless, the formula for sales turnover is as follows. Sales turnover = Number of units sold x Sales price The above sales turnover formula calculates the revenues for a single product. Companies can use the same principle to measure sales for more items. The same may apply to services. However, if the company cannot gauge any of these metrics reliably, the sales turnover calculation will become more complex. On top of that, accounting standards may also play a role in this calculation. ExampleRed Co. is a company that manufactures and sells electronic gadgets. During the last financial year, the company sold 10,000 units of its latest smartphone at a selling price of $500 per unit during the fiscal year. Red Co. can calculate its sales turnover using the formula below. Sales turnover = Number of units sold x Sales price Sales turnover =10,000 units×$500 per unit Sales turnover=$5,000,000 Why is Sales Turnover important?Sales turnover is a crucial financial metric for companies, capturing multiple sides of their performance and overall health. Firstly, it reflects on revenue generation, encapsulating the monetary value derived from primary business operations. Stakeholders, including investors and creditors, rely on sales turnover to evaluate a company's financial performance and growth trajectory. Increasing turnover often signifies business expansion, indicating a heightened ability to attract customers and gain market share. Additionally, sales turnover is an essential gauge of operational efficiency, showcasing a company's adeptness in managing production and supply chains and meeting customer demands effectively. What is the difference between Sales and Inventory Turnover?Sales turnover, also known as revenue or sales, measures the total value of goods and services sold by a company during a specific period. It is a comprehensive metric that reflects the company's ability to generate income through its core business activities. Inventory turnover, on the other hand, specifically focuses on the efficiency of a company's inventory management. Inventory turnover measures how many times a company's inventory gets sold and replaced over a given period. A high inventory turnover ratio suggests that the company manages its inventory efficiently, minimizes holding costs, and quickly converts inventory into sales. Conversely, a low ratio may indicate overstocking or slow-moving inventory. ConclusionSales turnover refers to the total revenue a company generates through its operations. It is a metric used in various areas, including the income statement, where it helps calculate a company's profits. The formula for sales turnover is straightforward. However, it may become more complicated when companies have complex operations. Article Source Here: Sales Turnover (Sales Revenue): Definition, Formula, Meaning, Example, vs. Inventory Turnover Zero DTE (0DTE) options, also known as "same-day expiration" options, are financial derivatives with expiration dates on the same day they are traded. These options offer traders the opportunity to profit from short-term price movements in the underlying asset. Due to their extremely short time frame, zero DTE options are speculative and carry significant risks. The increase in the trading volume of 0DTE options has sparked various concerns among market participants and prompted intense discussions in the media. The main concern revolves around the potential destabilization of the underlying market due to large open positions in 0DTE and other short-term options. Reference [1] examines whether 0DTE options significantly impact the market. The authors pointed out, We do not find evidence that the 0DTEs option open interest gamma propagates or unconditionally increases the underlying index volatility. Instead, our results suggest the opposite: higher 0DTE and other short-term options open interest gamma, measured by combining open interest at the market open and options’ dollar gammas shortly after that, is associated with lower realized volatility within the day and does not propagate overnight and lagged intraday volatilities… We observe that positive shocks to 0DTE trading volume in recent years are indeed associated with and followed by higher trading volume in the underlying market and vice versa. However, these responses are not economically significant and dissipate quickly. The change in market structure in recent years also makes the underlying market return react stronger to shocks to 0DTE trading volume relative to earlier periods when 0DTE trading was negligible. However, the difference in the magnitude of absolute return response to 0DTE trading across the early and later sample period amounts to only 0.1 standard deviations of the absolute return, which is economically negligible. In short, the paper concludes that 0DTE options do not destabilize the market. The increase in volume has an insignificant influence. Another interesting finding of the paper is that 0DTE options have the largest volatility risk premium (VRP). This intuitively makes sense, as they carry more risk, hence the sellers would require a higher premium. Let us know what you think in the comments below or in the discussion forum. References [1] Dim, Chukwuma and Eraker, Bjorn and Vilkov, Grigory, 0DTEs: Trading, Gamma Risk and Volatility Propagation (2024). https://ssrn.com/abstract=4692190 Post Source Here: Impact of Zero DTE Options on the Market What is a Named Beneficiary?In the realm of estate planning and financial affairs, designating named beneficiaries holds immense significance. A named beneficiary refers to an individual or entity designated to receive the proceeds of a financial account, insurance policy, retirement plan, or other assets upon the account holder's or policyholder's death. This critical designation ensures that the assets are distributed according to the account holder's wishes, bypassing probate and potentially reducing estate taxes. Types of Named BeneficiariesNamed beneficiaries can take various forms, depending on the nature of the asset and the account or policy. For instance, in the case of life insurance policies or retirement accounts such as IRAs or 401(k)s, beneficiaries can be designated as primary or contingent. Primary beneficiaries are the first in line to receive the proceeds upon the account holder's death, while contingent beneficiaries step in if the primary beneficiary is unable to receive the assets. Additionally, beneficiaries can be individuals, such as family members or friends, or entities, such as charitable organizations or trusts. Importance of Designating Named BeneficiariesThe designation of named beneficiaries serves several crucial purposes in estate planning and asset distribution. Firstly, it ensures that assets are transferred directly to the intended recipients without undergoing probate, which can be a lengthy and costly legal process. By bypassing probate, named beneficiaries gain quicker access to the assets, allowing for a smoother transition of wealth. Moreover, naming beneficiaries enables account holders to exert control over the distribution of their assets, ensuring that their wishes are fulfilled and their loved ones are provided for according to their preferences. Example of Named BeneficiaryConsider a scenario where an individual, John, holds a life insurance policy with a death benefit of $500,000. Upon purchasing the policy, John designates his spouse, Sarah, as the primary beneficiary and their children as contingent beneficiaries. In the event of John's death, the insurance proceeds would be paid directly to Sarah as the primary beneficiary. However, if Sarah predeceases John or is unable to receive the proceeds, the funds would then be distributed to their children as contingent beneficiaries. This example illustrates how naming beneficiaries ensures that assets are passed to the intended recipients in a clear and efficient manner. ConclusionIn essence, the designation of named beneficiaries plays a vital role in estate planning and asset distribution, providing individuals with control, flexibility, and peace of mind regarding the transfer of their wealth to their loved ones or chosen beneficiaries. By carefully selecting and regularly reviewing named beneficiaries, individuals can ensure that their assets are distributed according to their wishes, safeguarding their legacy for future generations. Originally Published Here: Named Beneficiary: Definition, Types, Examples, Importance When it comes to business deals and job offers, it is considered unethical to back out or renege on a contract after agreeing to its terms. This can not only damage businesses' reputations but also have legal consequences. However, there are certain circumstances where reneging may be necessary or even acceptable. So it's important to understand the implications and handle the situation delicately. What Does it Mean by Reneging on a Contract?Reneging on a contract refers to the act of backing out or failing to follow through with the obligations stipulated in a legally binding agreement. This can occur in various contexts, from business deals to employment contracts. When an individual or entity reneges on a contract, it essentially breaks the promises made within that agreement. This action can lead to a breach of contract, which might have legal consequences. It's important to note that contracts are designed to create a sense of security and predictability between the parties involved. Therefore, reneging not only disrupts these expectations but also potentially damages trust and relationships. Understanding this concept is key to maintaining professionalism and integrity in all contractual dealings. Consequences of Reneging on a Contract or Job OfferThe consequences of reneging on a contract or job offer can vary depending on the specific circumstances and the severity of the breach - however, some potential consequences may include:
How to Safely Renegotiate or Cancel a ContractTo avoid the potential consequences of reneging on a contract or job offer, it is important to handle renegotiations or cancellations in a professional and ethical manner. Here are some steps to take:
ConclusionIt's never too easy to handle a renegotiation or cancellation of a contract, but it is important to do so in an ethical and professional manner. It's always better to avoid making commitments that cannot be fulfilled in the first place, but if the situation arises, it is important to handle it with care and consideration for all parties involved. Article Source Here: Reneging on a Contract or Job Offer Companies prepare different budgets to forecast future events. These plans can relate to various areas of the business. One of the most crucial ones among these is the sales budget. What is a Sales Budget?A sales budget is a strategic financial plan outlining an organization's anticipated sales revenue for a specific period, typically a fiscal year. Collaboratively prepared by the sales department, marketing, and finance teams, this budget is a fundamental tool in the overall budgeting process. It encompasses detailed projections of sales revenue, unit sales volumes, and selling prices for each product or service. Additionally, it may delineate sales channels, target markets, and growth targets, providing a comprehensive roadmap for achieving sales objectives. The sales budget is a dynamic document, often adjusted for external factors like economic conditions and industry trends, ensuring that it remains relevant and reflects the organization's evolving business landscape. How to Prepare a Sales Budget?Companies can prepare a sales budget using the following steps. Data analysis and historical reviewFirst, companies initiate the sales budgeting by analyzing historical sales data. It requires a company to examine trends, identify patterns, and understand the key factors influencing past sales performance. Collaborate across teamsCompanies must foster collaboration between the sales and marketing teams. It allows them to gain insights into upcoming marketing strategies, promotions, and any adjustments in sales approaches that may impact future sales. Set clear sales goals and targetsCompanies must establish clear and measurable sales goals aligned with the overall business objectives. It requires a company to define specific targets which consider various factors. Estimate unit sales and pricingCompanies must also project unit sales volumes for each product or service and determine the corresponding pricing strategy. It considers the company’s market conditions, competitive pricing, and overall pricing strategy. Integrate marketing strategies and operational plansCompanies align the sales budget with marketing strategies, incorporating advertising plans and promotional activities. They must also consider operational considerations, including production capabilities and inventory levels, to ensure feasibility. Create time-based forecast and monitoring systemCompanies must break down the sales budget into time-based increments, such as monthly or quarterly projections. It involves establishing a robust monitoring system to track actual sales performance against the budgeted figures. Facilitate communication and coordinationCompanies must encourage effective communication and coordination among sales, marketing, and finance teams. It ensures that all teams are aligned with the sales budget and share a common understanding of the overall business objectives. Utilize as a benchmark for evaluation and improvementLastly, companies must use the sales budget as a benchmark for evaluating team and organizational performance. Why is the Sales Budget important?A sales budget guides financial planning and resource allocation within organizations. The sales budget offers a structured framework for anticipating and allocating resources effectively. Setting clear and measurable sales goals aligned with business objectives facilitates goal-oriented planning, enabling teams to work collaboratively toward achieving specific targets. Additionally, the sales budget acts as a benchmark for performance evaluation, providing valuable insights into the effectiveness of sales strategies and fostering informed decision-making. The sales budget also plays a vital role in fostering communication and coordination among various departments, such as sales, marketing, and finance. It encourages a cohesive approach, ensuring all teams work towards common sales objectives. ConclusionA sales budget is a financial plan that sets out a company's forecasted sales revenues. The sales department has the most crucial input in this budget. Companies must follow various steps when preparing this budget. It is critical for profit-making companies. However, companies must track their performance against this budget to keep on track. Originally Published Here: Sales Budget: Definition, Formula, Meaning, Preparation, Importance, Accounting |
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