A budget represents the detailed plan of how the company will acquire and use financial and other resources during the following budget period. It includes both financial and non-financial aspects to better guide the operations and project their results. In terms of planning, budgets translate the goals and strategies into operational terms for the corresponding time span, usually a fiscal year. In summary, budgets are the statements that quantitatively represent the management’s plans for a specific period of time. As also understood from the information given, the statements in the options I, II, III and IV are correct, so the correct anser is D. The statement in the option V is not correct because of the fact that budget is a quantitative expression of the managements’ plans for a specific period of time, either in physical or financial terms or both.