Indicate whether the following statements are true or false: 1. A budget is a formal written statement in financial terms of management's plans for a specified future time period. 2. A budget is prepared only once a year 3. A budget requires all levels of management to plan ahead and to formalize goals on a recurring basis. 4. The budget is an important basis for evaluating performance. 6. Budgeting and long-range planning are the same. Operating budgets are the individual budgets that are used to prepare the budgeted income statement > 7. 8. The purchases budget is the first operating budget to be prepared. 9 A merchandiser uses a merchandise purchases budget instead of a production budget