Listed below are elements of the master budget. Determine whether each budget is an operating budget or a financial budget. Select either "Financial " or "Operating" from the drop-down choices.

1. Capital expenditures budget FinancialOperating

2. Cost of goods sold budget FinancialOperating

3. Revenues budget FinancialOperating

4. Budgeted statement of cash flows FinancialOperating

5. Distribution costs budget FinancialOperating

6. Marketing costs budget FinancialOperating

7. Cash budget FinancialOperating

8. Direct materials cost budget FinancialOperating

9. Budgeted balance sheet FinancialOperating

10. Budgeted income statement