Exercise 20-1 (Algo) Budget definitions LO C1 Select each of the terms with the best description of its purpose. Answer is complete but not entirely correct. Definitions 1. A budgetary cushion used to meet performance targets. 2. A comprehensive plan that consists of several budgets that are linked. 3. Budgets that are revised by adding a new quarterly budget to replace the quarter that just elapsed. 4. An approach that requires all expenses to be justified for each new budget. 5. Planning future business actions and expressing them as formal plans. 6. Employees affected by a budget help in preparing it. Terms Budgetary slack Master budget Rolling budget Budgetary slack Zero-based budget Master budget