Select each of the terms with the best description of its purpose. Definitions Terms 1. Planning future business actions and expressing them as formal plans. 2. A comprehensive business plan

Select each of the terms with the best description of its purpose. Definitions Terms 1. Planning future business actions and expressing them as formal plans. 2. A comprehensive business plan that includes operating, investing, and financing budgets. 3. Employees who will be evaluated by a budget prepare it. 4. Shows expected cash inflows and outflows and s determine financing needs. 5. An approach that requires all expenses to be justified for each new budget. 6. A formal statement of future plans, usually expressed in monetary terms. 7. Approach in which top management passes down a budget without employee input. 8. Management’s use of budgets to see that planned objectives are met.

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