Which one of the following statements describes a bottom-up approach to budgeting? Question 8 options: a) Budgets are updated every month or every quarter for new assumptions or changes in operations. b) Managers prepare their own budget estimates, which are then reviewed by senior management and combined to form the overall organizational budget. c) An organization prepares a quantitative expression of its plans for a set future period of time. d) Senior management imposes a budget on the managers and departments under its control