17. T/F: The direct materials budget must be prepared after the production budget. 18. T/F: The cash budget must be prepared after the budgeted income statement. 19. Sandbagging refers to: a) setting very aggressive projections for growth. b) unproductive employees who slouch in their chair like bags of sand. c) failing to establish a budget for a fiscal peariod. d) setting budget targets which are very easy to achieve. e) authoritative budget setting in which the CEO sets target goals with no additional input.

20. Which of the following is a possible sequence for preparing the master budget? a) Sales, production, cash, direct labor b) Production, sales, direct materials, overhead c) Sales, production, income statement, selling/admin d) None of the above.