Listed next are several terms. Complete each of the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all.

a. ________ is a budget that is continuously updated by adding months to the end of the budgeting period.
b. ________ is the comprehensive planning document for the entire organization.
c. These budgets, ________, project both the collection and payment of cash and fore-cast the company€™s budgeted balance sheet.
d. The ________ is used to forecast how many units should be made to meet the sales projections.
e. When an organization builds its budgets from the ground up, it is using ________.
f. ________ is the process of setting long- term goals that may extend several years into the future.
g. Managers will sometimes build ________ into their budgets to protect themselves against unanticipated expenses or lower revenues.
h. The ________ is the difference between actual and budgeted figures and is used to evaluate how well the manager controlled operations during the period.
i. ________ are often used by companies to review submitted budgets, make revisions as needed, and approve the final budgets.
j. ________ is extra inventory of finished goods that is kept on hand in case demand is higher than predicted or problems in the factory slow production.
k. The sales budget and production budget are examples of ________.
l. ________ is a budgeting process that begins with departmental managers and flows up through middle management to topmanagement.

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Master budget Zero-based budgeting Budget committees Participative budgeting Strategic planning Operating budgets Financial budgets Safety stock Production budget Slack Variance Rolling budget