1. What is the budget?
2. What are the (six) benefits of having a budget?
3. What is the master budget? Describe its components.
4. What is a static planning budget?
5. What is a flexible budget?
6. How does a flexible budget differ from a static planning budget?
7. What are three reasons that actual results may differ from what had been budgeted for at the beginning of a period?
8. How does a flexible budget account for these variances?