The Practice of Maintaining Budgets for the Same Number of Future

question 3

Multiple Choice

The practice of maintaining budgets for the same number of future periods, revising those budgets as each period is completed and adding a new budget each period, is called:

• A) Master budgeting.
• B) Cyclical budgeting.
• C) Zero-based budgeting (ZBB).
• D) Rolling budgets (or, rolling financial forecasts).
• E) Kaizen (or continuous-improvement) budgeting.

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Definitions:

Payment

The transfer of money or goods from one party to another as compensation or for goods and services received.

Restrictive Endorsement

A limitation placed on a check or other negotiable instrument, specifying conditions under which it can be transferred.

Conditional Endorsement

Conditional endorsement refers to a modification or restriction added to a document or contract that specifies certain terms or conditions must be met.

Conditional Endorsement

An endorsement on a negotiable instrument that limits its payment to certain conditions being met.