Budgets are estimates of income and expenses over a period of time. Variable costs increase with production volume while fixed costs remain constant. Gross profit is revenue minus production costs, and net profit subtracts all expenses from revenue to determine earnings or loss for a period. Break-even occurs when revenue equals all costs, and monitoring involves overseeing activities to ensure objectives are met on time and on budget.

1. Budgets
A budget is an estimate of income and expenditure for a set period of time.
Variable costs are costs that increase as the number of units produced increases.
Gross profit is a company's residual profit after selling a product or service and deducting
the cost associated with its production and sale.
Gross Profit % is the difference between the income and cost.
Fixed costs are expenses that have to be paid by a company, independent of any business
activity. It is one of the two components of the total cost of a good or service, along with
variable cost.
Net profit is calculated by subtracting a company's total expenses from total revenue, thus
showing what the company has earned (or lost) in a given period of time (usually one year).
also called net income or net earnings.
Breaking even is where there is no profit or loss.
Monitoring is supervising activities in progress to ensure they are on-course and on-
schedule in meeting the objectives and performance targets.