A budget that includes a 12-month planning period at all times is called a ____ budget.

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A continuous budget is one that is continuously updated and reviewed for the next 12 months, allowing for adjustments as needed. This type of budget is beneficial for businesses that are subject to frequent changes in market conditions or other factors that may impact their budget. Pro forma budgets are typically used to project financial statements for future periods, flexible budgets may change based on level of activity or changes in revenue, and a master budget is an overall budget that includes all types of budgets used by a company.

A Budget That Includes a 12-Month Planning Period at All