QUESTION 4 A Budget is a quantitative plan prepared for a specific time period. It is normally expressed in financial terms and prepared for one year. The Chartered Institute of Management Accountants (CIMA) also defined a budget as a plan quantified in monetary terms, prepared prior to a defined period of time to attain a given objective. Several objectives exist for the preparation of a budget. Notable among them include assisting in Planning, Control, Communication, Co-ordination, Evaluation, Motivation, Authorization and Delegation. Individuals react to demands of budgets and budgetary controls in different ways. Their behavior can damage the budgeting process. Behavioral problems are often linked to management styles. Required: Based on your knowledge of Budgeting; (a) Discuss the following behavioral problems of budgeting which are linked to management styles: i. Dysfunctional behaviour (2 marks) ii. Budget slack (2 marks) (b) State and discuss four (4) approaches to budgeting (5 marks) (c) State and discuss the following types of budgets i)fixed budget ii. Flexed Budget iii. Flexible Budget