A type of forecast which is used to predict the revenues, costs, and expenses that a business firm will incur for a period of one year or less is called short-term forecast.
A forecast can be defined as a strategic process through which a business firm predicts the amount of money it would generate as revenue or spend as expenses for a specific period of time.
In Economics, there are two (2) main types of forecast and these include:
Basically, a short-term forecast refers to a type of forecast which is used to predict the revenues, costs, and expenses that a business firm will incur for a period of one year or less.
In conclusion, a short-term forecast is usually over a period of one year or less.
Read more on forecast here: https://brainly.com/question/2005657
