A detailed plan for the future that is usually expressed in formal quantitative terms is called:

• A. a budget
• B. a balance sheet
• C. a journal entry
• D. an invoice

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the question by identifying the key terms. The problem is asking for the term that describes a detailed plan for the future expressed in formal quantitative terms.
2. Step 2: Review the provided options: a budget, a balance sheet, a journal entry, and an invoice. Analyze each term to determine which fits the description.
3. Step 3: Define each term: - A budget is a financial plan that outlines expected revenues, expenses, and resource allocations over a specific period, expressed in quantitative terms. - A balance sheet is a financial statement showing a company's assets, liabilities, and equity at a specific point in time. - A journal entry is a record of financial transactions in the accounting system. - An invoice is a document issued to request payment for goods or services provided.
4. Step 4: Compare the definitions to the description in the question. The term that matches 'a detailed plan for the future expressed in formal quantitative terms' is 'a budget.'
5. Step 5: Conclude that the correct answer is 'a budget' based on the alignment of its definition with the description provided in the question.