1TF A.formal written-statement of management's plans for the future, expressed-in financial-? terms, is called a budget. 1 2. TF Budgets-are normally-used only by profit-making businesses. - il 3. TF The objectives of budgeting are (1) establishing specific goals for future operations, (2) if executing plans to achieve-the-goals, and (3)-periodically comparing actual-results-with these-goals. 4. TF Employees view budgeting more positively when goals are established for them by F senior management. 5. TF Abudget can be an effective means of communicating management's plans to the owners of a business. 9 6. TF Budget preparation is best determined in a top-down managerial approach. 7. TF The financial budgets of a business include the cash budget, the budgeted income statement, and the budgeted balance sheet. 1 8. TF The-sales budget is derived from the production budget