10 6 points Brief Exercise 7-1 Examining the Budget Process (LO1 - CC1, 2, 15) Fill in the blanks with the most appropriate word or phrase from the list of terms that pertain to the budgeting process: is generally higher when an individual participates in setting his or her own goals than when the goals are imposed from above. to start with and therefore was impossible to meet. |, the manager can always say that the budget was unreasonable or unrealistic is a detailed quantitative plan for acquiring and using financial and other resources over a specified period. 1. eBook 2. If a manager is not able to meet the budget and it has been Reference 3. A 4. 5. 6. 7. can serve as 8. In involves developing objectives and preparing various budgets to achieve those objectives. The budgeting process can uncover potential before they occur. involves the steps taken by management to increase the likelihood that the goals and targets set down in the budgeting stage are attained. Budgets define goals and objectives that for evaluating subsequent performance. |, a manager is held accountable for those items, and only those items, over which he or she has significant control