FILL IN THE FOLLOWING TERMINOLOGIES IN THE APPROPARIATE SPACES.

_____ 1.		a. An extensive analysis of the first year of a long-range plan summarizing the planned activities of all subunits of an organization.
_____ 2.		b. A form of a master budget that adds a month in the future as the month just ended is completed.
_____ 3.		c. Budgets formulated with the active participation of all affected employees.
_____ 4.		d. The part of a master budget that focuses on the schedules needed to produce an income statement.
_____ 5.		e. A variance that occurs when actual revenue falls below budgeted revenue
_____ 6.		f. A budget that details the planned expenditures for facilities, equipment and other long-term investments
_____ 7.		g. The variance arising from the difference in volume sold used in the preparation of the budget compared to actual volume sold.
_____ 8.		h. A prediction of sales that is the result of decisions to create conditions that will generate a desired level of sales.
_____ 9.		i. The variance arising from difference in the budgeted usage of units of a component compared to the actual amount of usage of the component.
_____ 10.		J. A budget that requires justification of expenditures for every activity, including continuing activities.
_____ 11.		k. Variance that occurs when actual profit exceeds budgeted profit.
_____ 12.		l. The variance arising from difference in the budgeted price of a unit of a component compared to the actual amount paid per unit of the component.
_____ 13.		m. Overstatement of budgeted cost or understatement of budgeted revenue to create a budget goal that is easier to achieve.
_____ 14.		n. A variance that occurs when actual costs are less than budgeted costs.
_____ 15.		o. The difference between the amount budgeted and the actual amount incurred during operating activities
		.
_____ 16.		p. A statement of planned cash receipts and disbursements.
_____ 17		q. A budget that is prepared for only one expected level of activity
_____ 18.		r. A planned cost that should be achieved if all activities involved meet their planned goals
_____ 19.		s. A plan that sets the overall goals and objectives of the organization.
_____ 20.		t. A budget that adjusts to different levels of activity.