The following terms pertain to the budgeting process: Benchmarks – Bottlenecks – Budget

QUESTION:

The following terms pertain to the budgeting process:

Benchmarks Bottlenecks
Budget Budget Committee
Control Imposed from above
Motivation Planning
Responsibility accounting Self-imposed budget

Required:

Fill in the blanks with the most appropriate word or phrase from the above list:

1. ____________ is generally higher when an individual participates in setting his or her own goals than when the goals are imposed from above.

2. If a manager is not able to meet the budget and it has been _______________, the manager can always say that the budget was unreasonable or unrealistic to start with, and therefore was impossible to meet.

3. A _______________ is a detailed plan for acquiring and using financial and other resources over a specified time period.

4. ____________ involves developing objectives and preparing various budgets to achieve those objectives.

5. The budgeting process can uncover potential _______ before they occur.

6. ___________ involves the steps taken by management to increase the likelihood that the objectives set down at the planning stage are attained.

7. Budget define goals and objectives that can serve as __________ for evaluating subsequent performance.

8. In _________, a manager is held accountable for those items, and only those items, over which he or she has significant control.

9. A __________ is one that is prepared with the full cooperation and participation of managers at all levels of the organization.

10. A _________ is usually responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget itself?


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