Concept explainers
Use this list of terms to complete the sentences that follow.
Long-range plans | Participative budgeting |
Sales |
Operating budgets |
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
5. The budget is formed within the framework of a _____.
6. _____ contain considerably less detail than budgets.
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