When the federal government spends more than it collects in revenue for a given year,it is called A) A deficit. B) A debt C) A surplus D) A wonder of fiscal responsibility If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate omparison of the cost data associated with the sales will be by a budget based on A) the original planned level of activity B) 54,000 units of activity. C) 60,000 units of activity D) 48,000 units of activity 47. Incremental analysis would be appropriate for A) acceptance of an order at a special price B) a retain or replace equipment decision. C) a sell or process further decision. D) All of these answers are correct 48. The flexible budget A) is prepared before the master budget. B) is relevant both within and outside the relevant range. C) eliminates the need for a master budget. D) is a series of static budgets at different levels of activity. 49. The most common budget period is A) one month. B) three months. C) six months. D) one year 50. A major element in budgetary control is A) the preparation of long-term plans. B) the comparison of actual results with planned objectives C) the valuation of inventories. D) approval of the budget by the stockholders