1. involves gathering feedback to ensure that the plan is being properly executed or modified as circumstances change.

Control

2. A ________ or ______________ is a 12-month budget that rolls forward one month (or quarter) as the current month (or quarter) is completed. In other words, one month (or quarter) is added to the end of the budget as each month (or quarter) comes to a close.

continuous ; perpetual budget

3. A ______________ budget is a budget that is prepared with the full cooperation and participation of managers at all levels.

self-imposed or participative

4. The ______________ consists of a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals.

master budget

5. A __________ is a detailed plan showing how cash resources will be acquired and used.

cash budget

6. The ______________ lists the number of units that must be produced to satisfy sales needs and to provide for the desired ending finished goods inventory.

production budget

7. If it were a merchandising company, instead it would prepare a __________ showing the amount of goods to be purchased from suppliers during the period.

merchandise purchases budget

8. The ____________ details the raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories.

direct materials budget

9. The __________________ lists the budgeted expenses for areas other than manufacturing. In large organizations, this budget would be a compilation of many smaller, individual budgets submitted by department heads and other persons responsible for selling and administrative expenses

selling and administrative expense budget

10. A ___________ is prepared before the period begins and is valid for only the planned level of activity

planning budget