Make sure your response addressing the following question is more than 200 words and include an in-text citation from the reading material where approriate.

Many organizations operate with an annual budget as their guide. This helps the organization ensure that their spending relates to their strategic goals and acts as a tracking measure of progress each accounting period. In your own words, explain the concept of a master budget and explain each of the sub-budgets that are created to support the creation of that master budget. List these sub-budgets in the order in which they would be prepared to arrive at the end result, the master budget.