1. A budget that is valid only for the planned level of activity
   1. Flexible budget
   2. Planning budget
   3. Management by exception
   4. Spending variance
2. A quantitative plan for acquiring and using resources over time
   1. Budget
   2. Cash budget
   3. Continuous budget
   4. Control
3. A twelve month budget that rolls forward one month as the current month is completed
   1. Budget
   2. Cash budget
   3. Continuous budget
   4. Master budget
4. A costing method that includes all manufacturing costs in unit products cost
   1. Absorption costing
   2. Common fixed cost
   3. Segment
   4. Variable costing
5. A ratio computed by dividing variable expenses by sales
   1. Contribution margin ratio
   2. Break-even ratio
   3. Variable expense ratio
   4. Degree of operating leverage