47. A plan that states the number of units to be manufactured during each future period covered by the budget, based on the budgeted sales for the period and the levels of inventory needed to support future sales, is the A. Sales budget. B. Merchandise purchases budget. C. Production budget. D. Cash budget. E. Manufacturing budget 48. The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, adding a new budget each period so that the budgets always cover the same number of future periods, is called: A. Participatory budgeting B. Capital budgeting. C. Balanced budgeting. D. Continuous budgeting. E. Primary budgeting. 49. All of the following are benefits of using standards, except: A. Useful in preparing budgets. B. Aids in setting selling prices. C. Insures profitable operations. D. Used to evaluate performance. E. Can be used to control operations. 50. Standard costs are: A. Actual costs incurred to produce a specific product or perform a service. B. Preset costs for delivering a product or service under normal conditions. C. Established by the IMA. D. Rarely achieved. E. Uniform among companies within an industry. 51. A process of examining the differences between actual and budgeted costs and describing them in terms of the amounts that resulted from price and quantity differences is called: A. Cost analysis. B. Flexible budgeting. C. Variable analysis. D. Cost variable analysis. E. Cost variance analysis. 10