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16 Cards in this Set

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Strategic Plan
A plan that sets the overall goals and objectives of the organization
Long-Range Planning
Producing forecasted financial statements for five-to ten-year periods
Capital Budget
A budget that details the planned expenditures for facilities, equipment, new products, and other long-term investments
Master Budget
An extensive analysis of the first year of the long-range plan. It summarizes the planned activities of all subunits of an organization
Continuous Budget
(Rolling Budget)
A common form of master budget that adds a month in the future as the month just ended is dropped
Operating Budget
(Profit Plan)
A major part of a master budget that focuses on the income statement and its supporting schedules
Financial Budget
The part of a master budget that focuses on the effects that the operating budget and other plans (such as capital budgets and repayments of debt) will have on cash
Cash Budget
A statement of planned cash receipts and disbursements
Sales Forecast
A prediction of sales under a given set of conditions
Sales Budget
The result of decisions to create the conditions that will generate a desired level of sales
Participative Budgeting
Budgets formulated with the active participation of all affected employees
Functional Budgeting
Budgeting process that focuses on preparing budgets for various functions such as production, selling, and administrative support
Activity-Based Budgets
Budgets that focus on the budgeted cost of activities required to produce and sell products and services
Financial Planning Models
Mathematical models of the master budget that can react to any set of assumptions about sales, costs, or product mix
Sensitivity Analysis
In budgeting, the systematic varying of budget data input to determine the effects of each change on the budget
Activity Based Budgets (ABB)
Budgets that focus on the budgeted cost of activities required to produce and sell products and services