Rolling Budget is a budget that is continuously updated by adding months to the end of

budgeting period.
Master Budget is the comprehensive planning document for the entire organization.
These budgets, Financial Budgets, project both the collection and payment of cash and forecast
the companys budgeted balance sheet.
The Production Budget is used to forecast how many units should be made to meet the sales
projects.
When an organization builds its budgets from the ground up, it is using zero-based budgeting.
Strategic Planning is the process of setting long term goals that may extend several years into
the future.
Managers will sometimes build slack into their budgets to protect themselves against
unanticipated expenses or lower revenues.
The variance is the difference between actual and budgeted figures and is used to evaluate how
well the manager controlled operations during the period.
Financial Budgets are often used by companies to review submitted budgets, make revisions as
needed, and approve the final budgets.
Safety Stock is extra inventory of finished goods that is kept on hand in case demand is higher
than predicted or problems in the factory slow production.
The sales budget and production budgets are examples of Operating Budget.
Participative Budgeting is a budgeting process that begins with departmental managers and
flows up through middle management to top management.