Final answer:
A budget prepared once and not changed during the budget period is called a static budget. The U.S. federal budget, which is prepared annually, is an example of such a budget considering the upcoming fiscal year.
Step-by-step explanation:
When a budget is prepared only once prior to the budget period, it is referred to as a static budget. A static budget is fixed for the entire period and does not change with actual levels of output or activity. It contrasts with a flexible budget, which is revisited and revised during the budget period based on actual performance and changing conditions.
The budget process at the federal level in the United States involves the President seeking inputs from the Office of Management and Budget (OMB), the Council of Economic Advisors, heads of Cabinet Departments, and various agencies. This process results in the formation of the federal budget for the upcoming fiscal year, beginning on October 1 and ending on September 30 of the following year, taking into consideration variables such as projected surplus or deficit.