Many of you are responsible for either developing a budget or meeting a budget developed for your department. Use your experience or research on the topic to answer any three of the following questions.

1. Identify at least three benefits of budgeting in helping managers plan and control a business.
2. How does a budget benefit management in its control function?
3. What is the benefit of continuous budgeting?
4. Why should each department participate in preparing its own budget?
5. How does budgeting help management coordinate and plan business activities?
6. Why is a sales budget so important to the budgeting process?
7. Identify at least two potential negative outcomes of budgeting.