Question: List the four budgeting objectives. Explain the difference between strategic and operational budgets. What is a master budget? Define the following terms: Budget: Budgetary slack:

  1. List the four budgeting objectives.

  1. Explain the difference between strategic and operational budgets.

  1. What is a master budget?

  1. Define the following terms:

  1. Budget:

  1. Budgetary slack:

  1. Static budget:

  1. Flexible budget:

  1. Master budget:

  1. Financial budget:

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