Budget terminology ch 10 fill in the blanks

Question 1

A ____________shows potential sales for the industry and a company’s expected share of such sales

Answer 1

sales forecast

Question 2

_____________are used as the basis for the preparation of the budgeted income statement

Answer 2

operating budgets

Question 3

the ___________ is a set of interrelated budgets that constitutes a plan of action for a specified time period

Answer 3

Master Budget

Question 4

__________ identifies long-term goals, selects strategies to achieve these goals, and develops policies and plans to implement the strategies

Answer 4

Long-range planning

Question 5

Lower-level managers are more likely to perceive results as fair and achievable under a ____________approach

Answer 5

Participative budgeting

Question 6

_________focus primarily on the cash resources needed to fund expected operations and planned capital expenditures

Answer 6

Financial budgets