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If two goods are substitutes in consumption, a(n) :
Long-Range Budget
A financial plan that extends beyond the typical fiscal year, often spanning three to five years, to support strategic planning.
Participative Budgeting
A budgeting process where both management and employees participate in setting budgets, improving accuracy and commitment.
Budgeting Slack
The practice of underestimating revenue or overestimating expenses while preparing a budget to create a cushion or slack for unexpected situations.
Budgetary Slack
The practice of underestimating revenues or overestimating expenses when preparing a budget to create a buffer for unexpected scenarios.
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