DOUTZ (LO 1), K Use this list of terms to complete the sentences that follow. Identify budget tern Long-range plans Participative budgeting Sales forecast Operating budgets Master budget Financial budgets establish goals for the company's sales and production personnel. The is a set of interrelated budgets that constitutes a plan of action for a specified time period. reduces the risk of having unrealistic budgets. include the cash budget and the budgeted balance sheet. The budget is formed within the framework of a contain considerably less detail than budgets