Fl Cam License Study Guide With Complete Solution

52. A budget is merely a preview of ________. A. next year's income B. past year's expenses C. next year's expenses D. past year's income {Ans: C. next year's expenses A budget is an estimate of the operational expenses for the coming year. It is based on actual expenses of previous years, with a + or - factor for the coming year. It is prepared each year for the next year's twelve-month period and provides a preview of the coming year's expenses.}63. An association with fewer than ______ units or having revenues less than _________ is only required to prepare a report of cash receipts and expenditures. A. 10 / $150,000 B. 75 / $150,000 C. 50 / $150,000 D. 50 / $300,000 {Ans: C. 50 / $150,000 An association with annual revenues less than $150,000 or fewer than 50 parcels/units is required to prepare a report of cash receipts and expenditures. All other associations are required to complete a financial statement as listed below unless a majority of the members meet and waive the requirement. The requirements are a compiled, reviewed, or audited statement depends upon the amount of the annual revenues. Compiled: $150,000 to less than