Select each of the terms with the best description of its purpose. Definitions 1. A report that shows predicted revenues and expenses for a budgeting period. 2. A budgetary cushion used to meet performance targets. 3. A comprehensive plan that consists of several budgets that are linked. 4. Budgets that are revised by adding a new quarterly budget to replace the quarter that just elapsed. 5. An approach that requires all expenses to be justified for each new budget. 6. Planning future business actions and expressing them as formal plans. Terms Budgeted income statement Budgeting