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Use the following terms to complete the sentences that follow. Terms may be used once, more than once, or not at all: begin{tabular}{|c|c|c|c|c|} hline 1.

image text in transcribed Use the following terms to complete the sentences that follow. Terms may be used once, more than once, or not at all: \begin{tabular}{|c|c|c|c|c|} \hline 1. & The & \multicolumn{3}{|c|}{ is a set of interrelated budgets that constitutes a plan of action for a specific period. } \\ \hline 2. & The & \multicolumn{3}{|l|}{ establish goals for the company's sales and production personnel. } \\ \hline 3. & A(n) & \begin{tabular}{l} approach to budgeting is more likely to motivate people to \\ work toward an organization's goal than a(n) \end{tabular} & \multicolumn{2}{|l|}{ approach. } \\ \hline 4. & \multicolumn{2}{|c|}{ Managers who intentionally understate expected sales or overstate expected expenses are creating } & & \\ \hline 5. & \multicolumn{2}{|c|}{ Comparing actual results to budgeted plans is an example of management performing its } & function. & \\ \hline 6. & \multicolumn{2}{|c|}{ The starting point for preparing the master budget is the } & & \\ \hline 7. & The & \multicolumn{3}{|c|}{\begin{tabular}{l} provides information about a company's expected revenue, expenses, and profitability for a period of \\ time. \end{tabular}} \\ \hline 8. & Using a(n) & \multicolumn{3}{|c|}{ when one budget period passes, another is automatically added at the end. } \\ \hline 9. & The & \multicolumn{3}{|c|}{ provides information about a company's expected financial position at a specific point in time. } \\ \hline 10. & Once the & \multicolumn{3}{|c|}{\begin{tabular}{l} has been prepared, the direct materials purchases, the direct labor, and the manufacturing overhead \\ budgets can be prepared. \end{tabular}} \\ \hline \end{tabular}

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