Use this list of terms to complete the sentences that follow.
Long-range plans
Participative budgeting
Sales forecast
Operating budgets
Master budget
Financial budgets
1. _____________ establish goals for the company’s sales and production personnel.
2. The _____________ is a set of interrelated budgets that constitutes a plan of action for a specified time period.
3. _____________ reduces the risk of having unrealistic budgets.
4. _____________ include the cash budget and the budgeted balance sheet.
5. The budget is formed within the framework of a _____________.
6. _____________ contain considerably less detail than budgets.