Operating budgets are interrelated and a ___________ budget is always prepared first.

A. A ____ _____ budget is a detailed plan identifying the sales expected during an accounting period.

1. The estimated sales volume is very important because it will affect the level of __________ activities and the amount of ___________ needed for operations.

2. To help estimate sales volume, managers often use a sales __________, which is a projection of the estimated sales in units, based on an analysis of ______ and ___________ factors.

I. A ___master________ budget provides the information needed to match long-term goals to short-term activities and to plan the resources needed to ensure an organizations __________ and _____________.