1. True False (15 points) 1 2 3 4 5 7 8 9 10 11. A flexible budget projects budget data for one level of activity. 12. Controllable margin is the excess of contribution margin over total fixed costs. 13. Budgeting facilitates the coordination of activities within the business by correlating the goals of each segment with overall company objectives. 14. The master budget is a set of interrelated budgets that constitutes a plan of action for a specified time period 15. The budgeted income statement is the starting point in preparing financial budgets