1. What are financial and operating budgets? Why are both of these budgets needed to assess a company?s financial health?;2. What is a semivariable cost? Give two examples of semivariable costs and tell what makes them semivariable.;3. What is the sales budget? Why is it important to prepare the sales budget first?;4. Describe the expert opinion qualitative approach to forecasting. What is the advantage of this approach?;5. What is the difference between traditional budgeting and activity-based budgeting? Which do you think is more accurate?;1. What is a flexible budget? How does it differ from a static budget? Why is a flexible budget more commonly used by companies than a static budget?;2. What is the role of the nonfinancial manager in budgeting and planning? What is the role of the marketing manager?;3. Provide a brief discussion of how you might use ONE of the four common qualitative forecasting methods in your organization.;4. What is qualitative forecasting? When is it most useful?
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