Use the following terms to complete the sentences that follow. Terms may be used once, more than once, or not at all 1. The 2. The is a set of interrelated budgets that constitutes a plan of action for a specific period establish goals for the company's sales and production personnel approach to budgeting is more likely to motivate people to work toward an approach organization's goal than an) 3. Aln) 5. Managers who intentionally understate expected sales or overstate expected expenses are creating Comparing actual results to budgeted plans is an example of management performing its The starting point for preparing the master budget is the The function 7. 8. Using an) provides information about a company's expected revenue, expenses. and profitability for a period of time. when one budget period passes, another is automatically added at the end provides information about a company's expected financial position at a specific point in time, has been prepared, the direct materials purchases, the direct labor, and the manufacturing overhead budgets can be prepared. 9. The 10. Once the Budgetary slack Budgeted balance sheet Budgeted income statement Capital expenditures budget Control Cost of goods sold budget Directing/leading Financial budgets Master budget Operating budgets Participative Planning Production budget Rolling budget Rolling budget Sales forecast Top-down Zero-based budget