Match the following budget terms with the best description and/or definition Enc

Question

Match the following budget terms with the best description and/or definition

Encompasses all aspects of the operation and is a compilation of several small budgets. Minimally includes the operating and capital budgets.

Long-term plan to estimate the cost of capital expenditures and their financing. Example equipment, renovation, and facility expansion

Projects receipt of revenue and expenditure of funds. Is an illustration of inflow and outflow of cash. Identifies the amount of cash on hand at any given time.

Minimally includes revenues and expenses. Forecast of sales, expenses and profits for a specific period of time (Fiscal Year)

?Has a dollar range to account for varying levels of activity

Has a set dollar amount generally based on past activity indicators

Starts from scratch each fiscal year. Requires managers to evaluate and justify all activities.

1. Master Budgets

2. Operating Budget

3. Cash Budgets

4. Capital Budgets

5. Fixed budget

6. Flexible budget

7. Zero-based budget

Encompasses all aspects of the operation and is a compilation of several small budgets. Minimally includes the operating and capital budgets.

Long-term plan to estimate the cost of capital expenditures and their financing. Example equipment, renovation, and facility expansion

Projects receipt of revenue and expenditure of funds. Is an illustration of inflow and outflow of cash. Identifies the amount of cash on hand at any given time.

Minimally includes revenues and expenses. Forecast of sales, expenses and profits for a specific period of time (Fiscal Year)

?Has a dollar range to account for varying levels of activity

Has a set dollar amount generally based on past activity indicators

Starts from scratch each fiscal year. Requires managers to evaluate and justify all activities.

Explanation / Answer

1. Master Budgets - A

2. Operating Budget - D

3. Cash Budget - C

4. Capital Budget - B

5. Fixed Budget - F

6. Flexible Budget - E

7. Zero-based Budget - G

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