1. Which of the following is NOT a benefit of budgeting? 2. There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget? 3. Fairmont Inc. uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs. For example, if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type of accounting system is known as: 4. The budgeted income statement is constructed using data from the sales budget, the ending finished goods inventory budget, the selling and administrative expenses budget, and what other budget? 5. A budget prepared with the full cooperation and participation of managers at all levels of a business is referred to as what? 6. Traditionally, performance evaluation using the budget as a benchmark is often feared and resented, and can lead to the following outcome. 7. The one budget that is expressed in units rather than dollars is the: 8. In response to the negative consequences of improperly using budgets, a new movement has emerged called: 1. Which of the following is NOT a benefit of budgeting? 2. There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget? 3. Fairmont Inc. uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs. For example, if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type of accounting system is known as: 4. The budgeted income statement is constructed using data from the sales budget, the ending finished goods inventory budget, the selling and administrative expenses budget, and what other budget? 5. A budget prepared with the full cooperation and participation of managers at all levels of a business is referred to as what? 6. Traditionally, performance evaluation using the budget as a benchmark is often feared and resented, and can lead to the following outcome. 7. The one budget that is expressed in units rather than dollars is the: 8. In response to the negative consequences of improperly using budgets, a new movement has emerged called