A Master Budget Consists of

question 36

Multiple Choice

A master budget consists of

• A) an interrelated long-term plan and operating budgets.
• B) financial budgets and a long-term plan.
• C) interrelated financial budgets and operating budgets.
• D) all the accounting journals and ledgers used by a company.

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Definitions:

Federalism

A political system where power is divided between a central government and various regional governments.

Profit-Sharing Plan

A company program that gives employees a share in the profits based on its quarterly or annual earnings.

Employee Morale

The overall outlook, satisfaction, and confidence that employees feel towards their workplace.

Incentive Plan

A program designed to motivate and reward employees for meeting or exceeding performance and productivity targets.