True or False: A production budget is not needed for a service organization.

True or False: A master budget consists of (a) organizational goals, (b) strategic long-range profit plan, and (c) tactical short-range profit plan.

True or False: Individual managers' beliefs and expectations are incorporated into the budgeting process using grass roots budgeting procedures.

True or False: The sales budget drives the rest of the budgeting process for both manufacturers and merchandisers.