Use this list of terms to complete the sentences that follow.

1. A ________________ shows potential sales for the industry and a company’s expected share of such sales.
2. __________________ are used as the basis for the preparation of the budgeted income statement.
3. The _______________ is a set of interrelated budgets that constitutes a plan of action for a specified time period.

4. ___________________ identifies long-term goals, selects strategies to achieve these goals, and develops policies and plans to implement the strategies.
5. Lower-level managers are more likely to perceive results as fair and achievable under a ________________ approach.
6. ___________________ focus primarily on the cash resources needed to fund expected operations and planned capital expenditures.

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Long-range planning Sales forecast Master budget Participative budgeting Operating budgets Financial budgets