2. What are the objectives of budgeting?

3. How does human behavior relate to budgeting?

4. What is continuous budgeting?

5. How does a flexible budget differ from a static budget?

6. Which budget is always the first one to prepare? Why?

7. Which budgets are operating budgets and what financial statement can be estimated from operating budgets? 8. Which budgets are financial budgets and what financial statement can be estimated from financial budgets?