Exercise 20-1 (Algo) Budget definitions LO C1 Select each of the terms with the best description of its purpose

Exercise 20-1 (Algo) Budget definitions LO Cl Select each of the terms with the best description of its purpos e. Definitions 1. Management's use of budgets to see that planned objectives are met. 2. Planning future business actions and expressing them as formal plans. 3. An approach that requires all expenses to be justified for each new budget. 4. Budgets that are revised by adding a new quarterly budget to replace the quarter that just elapsed. 5. Helps determine financing needs. 6. The usual starting point in the master budget process. Terms