Discussion Questions: 1. Define the term budget. How are budgets used in planning? 2. Define control. How are budgets used to control? 3. What is a master budget? An operating budget? A financial budget? 4. All budgets depend on the sales budget. Is this true? Explain. 5. Why is it important for a manager to receive frequent feedback on his or her performance? 6. A budget too easily achieved will lead to diminished performance. Do you agree? Explain.