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Assignment 7 Hide Folder Information Instructions Read chapter 7 of the course textbook and answer the following questions. Submit only answers in your own words. You will be penalized for plagiarism. What are three purposes of budgeting? What are the purposes of a master, planned operating, and financial budget? > How does the management by exception concept relate to budgeting? What are five basic principles which, if followed, should improve the probability of preparing a meaningful budget? Why is each important? What is the difference between an imposed budget and a participatory budget