Question: Use the following terms to complete the sentences that follow

Use the following terms to complete the sentences that follow. Terms may be used once, more than once, or not at all:
Capital expenditures budget
Rolling budget
Participative
Zero-based budget
Budgetary slack
Directing/leading
Operating budgets
Master budget
Control
Production budget
Planning
Financial budgets
Sales forecast
Cost of goods sold budget
Budgeted income statement
Top-down
Budgeted balance sheet
1. The _______ is a set of interrelated budgets that constitutes a plan of action for a specific period.
2. The _______ establish goals for the company’s sales and production personnel.
3. A(n) _______ approach to budgeting is more likely to motivate people to work toward an organization’s goal than a(n) _______ approach.
4. Managers who intentionally understate expected sales or overstate expected expenses are creating _______ .
5. Comparing actual results to budgeted plans is an example of management performing its
_______ function.
6. The starting point for preparing the master budget is the _______ .
7. The _______ provides information about a company’s expected revenue, expenses, and profitability for a period of time.
8. Using a(n) _______ , when one budget period passes, another is automatically added at the end.
9. The _______ provides information about a company’s expected financial position at a specific point in time.
10. Once the _______ has been prepared, the raw materials purchases, the direct labor, and the manufacturing overhead budgets can be prepared.



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  • CreatedFebruary 27, 2015
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