The First and Last Steps Respectively in the Developing a Master

question 16

Multiple Choice

The first and last steps respectively in the developing a master budget are:

• A)Forecasting sales; estimating expenses
• B)Preparation of the sales budget; preparation of the capital expenditure budget
• C)Identifying goals; preparation of a set of budgeted financial statements
• D)Identifying goals; preparation of the cash budget

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Definitions:

Status Inconsistency

A situation where an individual’s social positions have both high and low ranks; for example, being high in educational attainment but low in income.

Social Mobility

The ability or movement of individuals or groups to move within or between social strata in a society.

Trend

A general direction in which something is developing or changing; in sociology, it may refer to patterns of behavior, fashion, or opinions among a particular group or society.

Feudal System

A system of social stratification based on a hereditary nobility who were responsible for and served by a lower stratum of forced laborers called serfs.