Referencing Styles : Open 1) What is a budget? 2) It is important that all relevant factors are considered when preparing budgets. What are some of these factors? 3) Outline, at least four benefits of budgeting. 4) What are some of the limitations or disadvantages of budgeting? 5) Define each of the following budgets: a. &nbsp … View More 1) What is a budget? 2) It is important that all relevant factors are considered when preparing budgets. What are some of these factors? 3) Out line, at least four benefits of budgeting. 4) What are some of the limitations or disadvantages of budgeting? 5) Define each of the following budgets: a. Static budget b. Flexible budget c. Zero-based budget d. Period budget e. Rolling budgets 6) What is a master budget? 7) List three budgets that would be included in a master budget for a merchandising firm. 8) You have been asked to advise the management team of a small trading business about problems they may encounter in implementing a new budgeting system. Outline in note form some of the problems they should attempt to avoid. 9) A business buys its inventory and marks it up by 80% to sell. The business sold goods to the value of $504,000 in the last year. What was the cost of purchases last year assuming that there was no difference between the opening and the closing inventories? 10) What is the effect of GST on budgeting? Read Less