At the start of the year, the marketing department of a large corporation was given a budget of $92,000 to spend. Actual spending amounted to $63,000 on advertising. Actual spending represents 87% of their budget.

Marketing Department

The marketing department is a division within a company that focuses on strategies to promote, sell and distribute its products or services.

Actual Spending

The actual amount of money spent over a specific period, as opposed to budgeted or planned spending.

Budget

A financial plan that estimates income and expenses over a specified period of time.