Question

Breve than ot try to KEY TERMS TED on into food and are compon planned and actual expenditures Test your recall of the assistance. If you need 1. Ain) BUDEL 2. Ain) convenis provides mor e 3. The usually involving at least five years. need as farms as follows. Try to recall as many key terms as possible without assistance, refer to the list of the terms at the end of this section is a plan of action expressed in finandal terms is the long-term plan for future activities and operations, reviewing and appro process. 4. A moving twelve-mo is called ain) 5. The budget, the bug is responsible for setting budgetary polidies and goals 10 approving the budget, and resolving any differences that arise in the budgetary elve-month budget where a future month is added as the current monteres 6. The collection of all are action is the 7. Budgets associa get, the budgeted balance sheet, and the capital budget. is the portion of the master budget that includes the cash on of all area and activity budgets, representing a firm's comprehensive plan of is associated with the income-producing activities of an organization are called 8. The turing items. 9. The _shows the planned expenditures for all indirect manufac- needs and satisfy ending inventory requirements. shows how many units must be produced to meet sales 10. The coming period. describes expected sales in units and dollars for the 11. The expenditures for nonmanufacturing activities. outlines planned 12. A(n) __ is a detailed plan that outlines all sources and uses of cash. 13. The shows total direct labour hours needed and the associated cost for the number of units in the production budget. 14. The outlines the expected usage of materials in production and the purchases of the direct materials required. 15. The process of padding the budget by overestimating costs and underestimating revenues i called_ 16. involves receiving feedback on actual performance, and taking corrective act whenever actual performance deviates significantly from planned performance. 17. _are costs that managers have the power to influence

Answer 1

1)	Budget
2)	strategic plan
3)	budget committee
4)	continuous (or rolling) budget
5)	financial budget
6)	Master Budget
7)	Operating Budget
8)	overhead budget
9)	production budget
10)	sales budget
11)	selling and administrative expenses budget
12)	Cash budget
13)	direct labor budget
14)	direct materials purchases budget
15)	budgetary slack
16)	control
17)	controllable costs