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Fill in the blanks 11-20

11. __________________________ The process of developing a formal, written

operating plan that presents managements planned actions in financial terms.

12. __________________________Presents the number of direct labor hours

necessary for the production volume planned for the budget period.

13. ________________________A responsibility center that is responsible for

revenue generation and expense control.

14. _________________________Requires budget preparers to start at a zero

level for every item in the budget and justify every dollar.

15. ________________________A responsibility center that is part of the

reporting segment that is responsible for the use of capital (productive assets),

along with revenues and costs.

16. __________________________ An analysis technique used to begin analyzing

a great deal of information to create a strategic plan to incorporate decisions.

17. _________________________ A technique for the operating budget that as

each monthly or quarterly budget period passes, the oldest month or quarter is

removed from the budget and another month or quarter is added to extend the

budget to a full year in the future.

18. _____________________________The first budget that is needed to produce

all others. It provides the basis for all subsequent budgets.

19. _______________________________A financial plan in the form of a cost

formula or a multiple-column presentation that makes cost projections for various

activity levels within a relevant range.

20. _____________________________ Requires that detailed budget amounts be

formulated from the bottom up. All departments should participate in the

development and refinement of the budget.

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