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Nurse Executive Certification Exam Prep

Category - Nurse Executive Practice Test

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What are steps in the budgeting process?
  1. Assessment, planning, implementation and evaluation
  2. Problem definition, identifying and implementing the most viable option and evaluation
  3. Data gathering, planning, developing the budget, negotiation/revision and evaluation
  4. Variance analysis, identifying and implementing the most viable option and evaluation
Explanation
Answer: C - The steps of the budgeting process begin with a collaborative and thorough collection of data and information. The next step is the planning of the budget as based on the financial objectives, priorities, mission and goals of the organization. These budgetary plans are then analyzed, negotiated and revised as indicated. Lastly, the budget is evaluated in terms of its outcome, including any variances.
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