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 Budget committees Participative budgeting Slack Financial budgets Production budget Strategic planning Master budget Rolling budget Variance Operating budgets Safety stock Zero-based budgeting a. 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 b. Managers will sometimes build c. The sales budget and production budget are examples of d. The into their budgets to protect themselves against unanticipated expenses or lower revenues. Vis used to forecast how many units should be made to meet the sales projections. is a budgeting process that begins with departmental managers and flows up through middle management to top management. Vis a budget that is continuously updated by adding months to the end of the budgeting period. e. 9. The h. i. When an organization builds its budgets from the ground up, it is using i. These budgets, k. | is the difference between actual and budgeted figures and is used to evaluate how well the manager controlled operations during the period is the comprehensive planning document for the entire organization Vproject both the collection and payment of cash and forecast the company's budgeted balance sheet. is the process of setting long-term goals that may extend several years into the future | are often used by companies to review submitted budgets, make revisions as needed, and approve the final budgets