1. Which of the following capital budgeting techniques does not take into account the time value of money in its calculations (a) Net present value. (b) Discounted payback period. (c) Accounting rate of return on average investment (d) Internal rate of return. 2. Which of the following types of budgets is prepared for various levels of activity? (a) Continuous budget. (b) Flexible budget (c) Master budget. (d) Participative budget 3.Which of the following formulas would be used in preparing a cash budget for a company? (a) Ending Cash Balance Beginning Cash Balance Cash Receipts - (b) Beginning Cash Balance Cash Receipts Cash Disbursements - (c) Ending Cash Balance Beginning Cash Balance - Cash Receipts + (d) Ending Cash Balance Beginning Cash Balance+ Cash Receipts + Cash Disbursements Ending Cash Balance Cash Disbursements. Cash Disbursements 4.Which of the following budgets would normally be the last one prepared by a company? (a) Purchases Budget. (b) Selling and Administrative Expenses Budget (c) Cash Budget. (d) Budgeted Balance Sheet