87) A plan of action expressed in financial terms.

88) The portion of the master budget where a future month is added as the current month expires.

89) The collection of all area and activity budgets, representing a firm’s comprehensive plan of action.

90) Budgets associated with the income-producing activities of an organization.

91) The process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from planned performance.

92) A system that allows managers who will be held accountable for budgetary performance to participate in the budget’s development.

93) A budget that describes expected sales in units and dollars for the coming period.

94) A plan that sets the overall goals and objectives of the organization.

95) Producing forecasted financial statements for five- or ten-year periods.

96) A budget that details the planned expenditures for facilities, equipment, new products and other long-term investments.

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