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 al Budget committees Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting a. is extra inventory of finished goods that is kept on hand in caso demand is higher than predicted or problems in the factory slow production. b. Managers wil sometimes build into their budgets to protect themselves against unanticipated expenses or lower revenues. C. The sales budget and production budget are examples of d. The is 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, is a budget that is continuously updated by adding months to the end of the budgeting period. 1. g Is the comprehensive planning document for the entire organization. h. When an organization builds its budgets from the ground up, it is using is the process of setting long-term goals that may extend several years into the futuro are often used by companies to review submitted budgets, make revisions as needed, and approve the final budgets