Question 3 10 Marks 3.1. Explain 3 benefits of budgeting 3.2. Name and define 2 types of operational budgets 3 Marks 2 Marks 3.3. Answer the questions below by listing the number of the question and the corresponding letter of cholce for your correct answer, Example. 1. E) 5 Marks 1. What is the primary purpose of a budget in an organization? a) To maximize profits b) To control costs c) To allocate resources d) To assess employee performance e) None of the above 2. Which of the following is not a type of budget commonly used in organizations? a) Master budget b) Operational budget c) Historical budget d) Financial budget e) Cash budget f) None of the above 3. Zero-based budgeting (ZBB) differs from traditional budgeting in that: a) ZBB starts from scratch every year, while traditional budgeting builds on the previous year's budget. b) ZBB is primarily used in non-profit organizations, while traditional budgeting is used in forprofit organizations. c) ZBB focuses only on financial budgets, while traditional budgeting includes operational budgets. d) ZBB does not involve cost analysis, while traditional budgeting heavily relies on cost analysis. e) None of the above