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Use the following terms to complete the sentences that follow. Terms may be used once, more than once, or not at all: The 2. 4. 5. 1. is a set of interrelated budgets that constitutes a plan of action for a specific period. 2. The establish goals for the company's sales and production personnel. approach to budgeting is 3. A(n) more likely to motivate people to work toward an approach. organization's goal than a(n) Managers who intentionally understate expected 4. sales or overstate expected expenses are creating Comparing actual results to budgeted plans is an 5. example of management performing its function. 6. The starting point for preparing the master budget is the 7. The provides information about a company's expected revenue, expenses, and profitability for a period of time. 8. Using an) when one budget period passes, another is automatically added at the end. 9. The provides information about a company's expected financial position at a specific point in time. 10. Once the has been prepared, the raw materials purchases, the direct labor, and the manufacturing overhead budgets can be prepared. 6. Budgetary slack Budgeted balance sheet Budgeted income statement Capital expenditures budget Control Cost of goods sold budget Directing/leading Financial budgets Master budget Operating budgets Participative Planning Production budget Rolling budget Sales forecast Ton-down Zero-based budget