Benefits of budgeting include

1. planning
2. coordination and communication
3. benchmarking
4. all of the above

The comprehensive planning document for the entire organization is called the ______ budget.

Which of the following budgets must be prepared first, because it serves as a basis for most other budgets?

1. Cash budget
2. Production budget
3. Operating expenses budget
4. Sales budget

The operating budgets help produce the

1. balance sheet.
2. income statement
3. statement of cash flows
4. statement of owners' equity

Practical standard costs - includes allowances for normal amounts of waste and inefficiency