1. The implementation of budgeting in an appropriate manner can be a crucial management tool. Determine and explain five positive outcomes when budgets are used properly, and five negative outcomes when budgets are misapplied.

2. Management relies on budgeting and long-term planning to achieve enterprise goals and objectives. Provide a brief distinction between budgeting and long-term planning and describe how they help managers fulfill their responsibilities.

3. What is participative budgeting? What are its potential benefits? What are its potential shortcomings?