Click in the boxed areas to the right of each item below. A pick list will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choice to turn the boxed area green. A budget is a detailed financial plan that quantifies future expectations Budgets must follow a particular GAAP-approved format Creating detailed budgets is usually not worth the expense of time and effort because future costs and revenues are always uncertain A general mental budget is usually adequate if well followed Careful budgeting can help avoid cash flow issues and also help in identifying bottlenecks Budgets should be created to reflect the anticipated revenues and costs for each business unit Budgets should not be used to evaluate manager performance