Respond that the following statements are TRUE or FALSE:

1) A strategic budget is a long-term financial plan used to coordinate the activities needed to achieve the long-term goals of the company.

2) An operating budget is a short-term financial plan that coordinates activities to achieve short-term goals.

3) A strategic budget will be as detailed as an operating budget.

4) A static budget is a financial plan for a particular level of sales volume.

5) A flexible budget is prepared to represent different levels of sales volume.