1. What is a budget?

2. What is the importance of budgets for the company?

3. Describe what are the benefits of having a budget in the company.

4. Define what a master budget is.

5. Describe what a flexible budget is and what it is used for.

6. Describe the differences between a flexible budget and a static budget.

7. Explain what depends on the success of a budget in the company.

Include references please, to know where to look for more information, Thanks!