Budgeting is the process of planning future business activities by establishing performance goals and putting them into a formal plan. In other words, budgeting is the process of making financial goals for a company and creating a plan to achieve those goals. An effective budget should break down revenue and anticipated expenses by month or by quarter, and depending on the size of your business, it should include separate budgets for each department. These departmental budgets should also be broken down by month or by quarter, and collectively they will come together to form your master budget. Based on the above information and what you have learned about Budgeting, prepare a Master Budget for your business for the first quarter 2022. Assume that you have your own business and your budgets are based on your own estimation and rationales. Give introduction to your company (Company Name, Nature of Business, Business Entity, and Description of Product/Service). Also discuss the rationales behind your sales budget (at least 7 possible factors considered in sales forecasting) UNDERSTANDING BUDGETING CONCEPTS Demonstrates understanding on the budgeting concept) Operating Budgets Financial Budgets Supporting schedules