Caliber Company is considering the purchase of a new machine costing $800,000. The company's management is estimating that the new machine will generate additional cash flows of $180,000 a year for ten years and have a salvage value of $50,000 at the end of ten years. What is the machine's payback period? A) 4.44 years B) 6.77 years C) 3.33 years D) 5.33 years Which of the following describes the term time value of money? A) Money can be used only at certain times and only for certain purposes. B) Money loses its purchasing power over time through inflation. C) Wasted time can result in wasted money. D) Value of a dollar received today will be higher than that received after some time. The starting point in the budgeting process is the preparation of the: A) cash budget. B) sales budget. C) production budget. D) budgeted income statement