What is meant by an incremental budget? a) A budget prepared from first principles b) The variable elements of a budget, excluding fixed costs c) A budget that is based on the previous year, adjusted for known changes d) A budget that breaks even Select one: a. A budget prepared from first principles b. The variable elements of a budget, excluding fixed costs e c. A budget that breaks even d. A budget that is based on the previous year, adjusted for known changes