A ________________________ is a continuously revised budget that adds future months or quarters to replace months or quarters that have lapsed.
There are three major subgroups of the master budget. These are _______________________, __________________, and ______________________.
The master budget process nearly always begins with the preparation of the ___________________ and usually finishes with the preparation of the _____________________, the _______________, and the _____________________.
___________________________ is a budget system based on expected activities and their levels that enables management to plan for resources required to perform the activities.