QUESTION 5 Which of the following budgets is affected by the sales budget? a. Direct labor budget. b. Cash receipts and payments budget. C. Selling and administrative budget. d. All of the above QUESTION 6 Budget help companies a. Meet short-term objectives b. Meet long-term objectives. C. Both a and b. d. None of the above. QUESTION 7 Which of the following budgets would be prepared earliest in a company's budgeting process? a. Budgeted income statement. 5. Budgeted balance sheet. Raw materials purchases budget. d. Production budget QUESTION 8