Match the budget types to the definitions.

Budget Types Definitions

5. Financial a. Includes sales, production, and cost of goods sold budgets

6. Flexible b. Long-term budgets

7. Operating c. Includes only one level of sales volume

8. Operational d. Includes various levels of sales volumes

9. Static e. Short-term budgets

10. Strategic f. Includes the budgeted financial statements

Short Answer

Expert verified
  1. f.
  2. d.
  3. a.
  4. e.
  5. c.
  6. b.

Step by step solution

01

Meaning of Budget

A budget is afinancial planprepared by the managers to achieve the organization’s goals and objectives.

02

Matching budget types to the definitions

Type of Budget

Definitions

5. Financial

f. Includes the budgeted financial statements

6. Flexible

d. Includes various levels of sales volumes

7. Operating

a. Includes sales, production, and cost of goods sold budgets

8. Operational

e. Short-term budgets

9. Static

c. Includes only one level of sales volume

10.Strategic

b. Long-term budgets

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Most popular questions from this chapter

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Preparing a financial budget—schedule of cash receipts and schedule of cash payments

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