jubis family budgeted $2000 in expenses for this month, but they spent $2500. this $500 difference is known…

jubis family budgeted $2000 in expenses for this month, but they spent $2500. this $500 difference is known as what? \n a budget \n an asset \n a budget variance \n a liability

jubis family budgeted $2000 in expenses for this month, but they spent $2500. this $500 difference is known as what? \n a budget \n an asset \n a budget variance \n a liability

Answer

Brief Explanations:

  • A budget is a planned amount, not the difference, so "a budget" is incorrect.
  • An asset is a resource owned, unrelated to budget difference.
  • Budget variance is the difference between budgeted and actual amounts. Here, $2000 (budgeted) vs $2500 (spent) has a $500 difference, so this fits.
  • A liability is an obligation, not a budget difference.

Answer:

C. a budget variance