The following terms pertain to the budgeting process:

benchmarks..........................................bottlenecks
budget...................................................budget committee
control...................................................imposed from above
motivation............................................planning
responsibility accounting....................self-imposed budget

Required:

Fill in the blanks with the most appropriate word or phrase from the above list.

1. ________ is generally higher when an individual participates in setting his or her own goals than when the goals are imposed from above.

2. If a manager is not able to meet the budget and it has been ________, the manager can always say that the budget was unreasonable or unrealistic to start with and therefore was impossible to meet.

3. A ________ is a detailed quantitative plan for acquiring and using financial and other resources over a specified period.

4. ________ involves developing objectives and preparing various budgets to achieve those objectives.

5. The budgeting process can uncover potential ________ before they occur.

6. ________ involves the steps taken by management to increase the likelihood that the goals and targets set down in the budgeting stage are attained.

7. Budgets define goals and objectives that can serve as ________ for evaluating subsequent performance.

8. In ________, a manager is held accountable for those items, and only those items, over which he or she has significant control.

9. A ________ is one that is prepared with the full cooperation and participation of managers at all levels of the organization.

10. A ________ is usually responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget itself.