In capital budgeting, term of bond which has great sensitivity to interest rates is long-term bonds. Bond with a maturity period of more than 15 years. Long bonds pay higher interest rates but have greater credit and inflation risk. Also called long bond.

A financial budget in budgeting means predicting the income and expenses of the business on a long-term and short-term basis

Difference between budgeted amounts and actual results is classified as variances.

A type of contract in which contract holder has right to sell an asset at specific period for predetermining price is classified as option.

Options are financial instruments that are derivatives or based on underlying securities such as stocks

Third step in developing operating budget is making predictions about future. An operating budget is the annual budget of an activity stated in terms of Budget Classification Code, functional/subfunctional categories and cost accounts.

Last step in developing operating budget is implementing decision.

An operating budget is a forecast of the revenues and expenses expected for one or more future periods.

Management is the process of dealing with or controlling things or people.

" bid " means a tender, or an offer, in response to an invitation, by a person, consultant, firm, company or an organization expressing his or its willingness to undertake a specified task at a price

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.