Answer in 200 words + reference

Please format with the following: question, answer, reference. Question, answer, reference.

1). Please differentiate between an operating budget and a financial budget. Differentiate between sales forecast and a sales budget.

2). Budgeting for a manufacturing company is completely different from budgeting for a retail company. Do you agree? Please explain.

3). The Markov technique involves forecasting sales by examining consumer behavior. True or False. Please explain.

4). Pro forma statements are those statements prepared in conjunction with continuous budgets. Do you agree? Please explain. How do strategic planning, long-range planning, and budgeting differ