A___________ Budget Is a Summary of Expected Costs for a Range

question 42

Multiple Choice

A___________ budget is a summary of expected costs for a range of activity levels geared to changes in the level of productive output.

• A) master
• B) flexible
• C) continuous
• D) departmental

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Definitions:

Industry Output Expands

An increase in the total production of goods and services by companies within a particular sector of the economy.

Resource Prices

The costs associated with acquiring inputs needed for production, including raw materials, labor, and capital.

Decline

A decrease in the quantity, quality, or level of something over time.

Constant-Cost Industry

An industry in which the cost of production does not change as the industry's output changes.