Review the article "The Functions of Budgets" and answer these questions. Your response paper should have 5 pages should be in APA format with a title page and reference page.
1. Define the term budget. How are budgets used in planning?
2. Distinguish between long-term planning and budgeting. How are they related?
3. Describe the different purposes of budgeting.
4. How can the different roles of budgeting be in conflict with each other?
5. What is meant by the term 'management by exception'?