$1.$ A budget is a formal written statement in financial terms of management's plans for a specified future time period.

$2.$ A budget is prepared only once a year.

$3.$ A budget requires all levels of management to plan ahead and to formalize goals on a recurring basis.

$4.$ The budget is an important basis for evaluating performance.

$5.$ The "top$-$down" approach to budgeting is called participative budgeting.

$6.$ Budgeting and long$-$range planning are the same.

$7.$ Operating budgets are the individual budgets that are used to prepare the budgeted income statement.

$8.$ The purchases budget is the first operating budget to be prepared.

$9.$ A merchandiser uses a merchandise purchases budget instead of a production budget.