(1)How are the master budget and the production budget related? How does the understanding of the ties in the master budget and the production budget help individuals manage more effectively

(2)In your opinion, what is a realistic budget? How is creating a realistic budget accomplished

(3)How can we also use the flexible budgeting process to assist in gauging estimated production, and a realistic master budget

(4)Why do you think the sales budget prepared first? Why are the financial statements prepared last

(5)What is the CVP? How can it be used as a tool when creating components of the Master Budget

(6)When I create a budget for any company, I always seek out the 5 year history of every component of the Master Budget. Why is this approach important?