A master budget:

Question 1 options:

	presents the plan for only one level of activity and does not adjust to changes in the level of activity.
	drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed.
	presents the plan for a range of activity so that the plan can be adjusted for changes in activity levels.
	presents a statement of expectations for a period of time but does not present a firm commitment.