3. What is the purpose of budgeting? What is the master budget, and what are its major components? How does a top-down budgeting process differ from a bottom-up approach, and what are the advantages and disadvantages of each? Extra Credit Assignment #1: Make up a company and prepare a Balance Sheet for that company. The balance sheet should show the company in poor financial shape. This will replace a missed homework or if no homeworks have been missed provide 10 points onto test 1. If test 1 was