Instructions: Identify the Following

question 57

Essay

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Frederick W. Taylor's Principles of Scientific Management

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Definitions:

Static Budget

A fixed budget that does not change or adjust to variations in business activity levels throughout the budget period.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, useful for managerial control and performance evaluation as it reflects real-time operations rather than fixed forecasts.

Master Budget

An all-encompassing financial planning document that consolidates all of an organization's budgets for sales, production, overhead, and cash flow.

Materials Budget

An estimate of the cost of raw materials required for production over a specific period.