16.Which of the following is not a component of the master budget? A.Operating budget B.Budgeted income statement C.Budgeted balance sheet D.Statement of return on investment

17.Which of the following is not included in the operating budget? A.Budgeted balance sheet B.Sales budget C.Selling and administrative budget D.Raw materials purchases budget

18.The starting point for preparing the master budget is the A.inventory policy B.sales forecast C.production budget D.budgeted balance sheet

19. ____________ are the specific actions managers use to achieve their objectives. A.Strategic plans B.Long-term objectives C.Short-term objectives D.Tactics

20._____________ are the specific goals that managers want to achieve over a 5 to 10 year horizon. A.Strategic plans B.Long-term objectives C.Short-term objectives D.Tactics