Final answer:
A capital budget evaluates, prioritizes, and charts a payment plan for long-term capital expenditures.
Step-by-step explanation:
The correct term for a budget that evaluates, prioritizes, and charts a payment plan for long-term capital expenditures, such as land, machinery, and equipment, is a capital budget.
A capital budget is used by businesses to plan and allocate funds for long-term investments in assets that will provide returns over an extended period of time. It helps businesses make informed decisions about which projects to invest in and how to allocate their financial resources.
For example, a company may use a capital budget to determine whether it should purchase new machinery for its factory or invest in expanding its facilities.