12. 20. Matching A. Variable Costs ______ A formal written statement of management's plans expressed in financial terms. B. Static Budget ______ A projection of budget data at one level of activity. C. Relevant Range ______ Use of budgets in controlling operations. D. Operating Budgets ______ Budget that projects budget data for various levels of activity. E. Mixed Cost ______ Cost behavior analysis technique used to classify mixed costs into fixed & variable components. F. Master Budget ______ Cost that changes in total but not proportionately with changes in activity level. G. Margin of safety ______ Costs that remain the same in total regardless of changes in the activity level. H. High-Low Method ______ Costs that vary in total directly and proportionately with changes in the activity level. I. Flexible Budget ______ Group of individual budgets that focus primarily on cash needs to fund operations and capital expenditures. J. Fixed Cost ______ Group of individual budgets that result in the preparation of the budgeted income statement. K. Financial Budgets ______ Set of interrelated budgets that constituted a plan of action for a specified time period. L. CVP Analysis ______ The amount of revenue remaining after deducting variable costs. M. Cost Behavior Analysis ______ The difference between the actual or expected sales and sales at the break-even point. N. Contribution Margin Ratio ______ The level of activity at which total revenues equal total costs. O. Contribution Margin ______ The percentage of each sales dollar available to apply toward fixed costs and profits. P. Budgetary Control ______ The range of possible levels of activity. Q. Budget ______ The study of how specific costs respond to changes in the level of business activity. R. Break-even Point ______ The study of the effects of changes in costs and volume on a company's profits.