A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.

A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period.

A detailed schedule showing expected sales expressed in both dollars and units.

A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs.

A detailed plan that shows the direct labor-hours required to fulfill the production budget.

A detailed plan showing how cash resources will be acquired and used over a specific time period.

A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period.

A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period.

A detailed plan for the future that is usually expressed in formal quantitative terms.

A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet.

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.

A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement.

The process of establishing goals and specifying how to achieve them.