INSTRUCTIONS: Use the information below to answer the five questions that follow. What will be the approximate percent increase from the previous year's budget for the new suggeste supply budget? At the beginning of the fiscal year, the supply budget for your office is $2,500. During the year, supplies were purchased as follows: July $433.72 Oct $102.00 Jan $172.33 Apr $94.87 Aug $107.83 Nov $203.95 Select the single best answer: OA. 2.90 percent OB. 4.75 percent C. 8.20 percent D. 13.75 percent E. None of the above. Feb $259.63 May $402.57 Sept $97.08 Dec $73.84 Mar $117.63 In June, you are asked to suggest a figure for next year's budget. You are informed in June that there will be a cost increase of nine percent for next year's budget.

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…