Terms Definitions 1. A summarized budget for several levels of volume that separates variable costs from fixed costs. 2. A budget prepared for only one level of sales. 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or less cost, than expected for the actual level of output. 5. The difference arising only because the number of units actually sold differs from the static budget units