Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all.

Master budget	Participative budgeting	Operating budgets	Production budget
Zero-based budgeting	Strategic planning	Financial budgets	Slack
Budget committees	Rolling budget	Safety stock	Variance

a.	Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is a budget that is continuously updated by adding months to the end of the budgeting period.

b.	Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is the comprehensive planning document for the entire organization.

c.

These budgets, budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting , project both the collection and payment of cash and forecast the company's budgeted balance sheet.

d.	The budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting is used to forecast how many units should be made to meet the sales projections.

e.	When an organization builds its budgets from the ground up, it is using budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting .

f.	Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is the process of setting long-term goals that may extend several years into the future.

g.

Managers will sometimes build budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting into their budgets to protect themselves against unanticipated expenses or lower revenues.

h.

The budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting is the difference between actual and budgeted figures and is used to evaluate how well the manager controlled operations during the period.

i.

Budget committees Financial budgets Master budgets Operating budgets Participative budgeting Production budgets Rolling budgets Safety stock Slack Strategic planning Variances Zero-based budgeting are often used by companies to review submitted budgets, make revisions as needed, and approve the final budgets.

j.

Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is extra inventory of finished goods that is kept on hand in case demand is higher than predicted or problems in the factory slow production.

k.	The sales budget and production budget are examples of budget committee financial budgets master budget operating budgets participative budgeting production budget rolling budget safety stock slack strategic planning variance zero-based budgeting .

l.

Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is a budgeting process that begins with departmental managers and flows up through middle management to top management.