A management proposal is created by a property manager for the property owner. It typically includes:
Market analysis.
Property's financial condition.
Operating budget and forecast.
Management strategy for maintaining and improving the property.
Other options:
(B) A budget for variable expenses = too narrow.
(C) A financial report to owner = management report, not proposal.
(D) A subdivision plan = unrelated.
Reference (Virginia Real Estate):
Virginia Real Estate Principles - Property management section
A490-02REGS.pdf - Property management curriculum