Match the phrase that follows with the term (a-e) it describes.

integrated set of operating and financing budgets for a period of time

begins by estimating the quantity of sales

shows expected results at several activity levels

estimates the number of units to be manufactured to meet sales and inventory levels

shows expected results at only one activity level

a.	static budget
b.	flexible budget
c.	master budget
d.	sales budget
e.	production budget