Pick three of the key terms that appears and briefly discuss it using your own words. Your response must consist of at least three sentences.

Key Terms:

Administrative expense budget

Budget committee

Budget director

Budgetary slack

Budgets

Capital expenditures budget

Cash budget

Continuous budget

Control

Controllable costs

Direct labor budget

Direct materials purchases budget

Dysfunctional behavior

Effectiveness

Efficiency

Ending finished goods inventory budget

Feature costing

Financial budgets

Flexible budget

Flexible budget variances

Goal congruence

Incentives

Incremental approach

Marketing expense budget

Master budget

Myopic behavior

Operating budgets

Overhead budget

Participative budgeting

Production budget

Pseudoparticipation

Research and development expense budget

Rolling budget

Sales budget

Static budget

Variable budget

Zero-base budgeting

Control limits

Currently attainable standards

Direct labor efficiency variance (LEV)

Direct labor rate variance (LRV)

Direct materials price variance (MPV)

Direct materials usage variance (MUV)

Favorable (F) variance

Fixed overhead spending variance

Fixed overhead volume variance

Ideal standards

Kaizen standards

Mix variance

Price (rate) variance

Price standards

Quantity standards

Standard bill of materials

Standard cost per unit

Standard cost sheet

Standard hours allowed

Standard quantity of materials allowed

Total budget variance

Unfavorable (U) variance

Unit standard cost

Usage (efficiency) variance

Variable overhead efficiency variance

Variable overhead spending variance

Yield variance