What is the definition of a master budget? A. A master budget is a mathematical representation of the relationships among operating activities, financing activities, and other factors that affect the company. B. A master budget is a budget that expresses management's operating and financial plans for a specified period and includes a set of budgeted financial statements. C. A master budget is a budget that focuses on the budgeted cost of the activities necessary to produce and sell products and services. D. A master budget is a budget that is always available for a specified future period. It is created by continually adding a month, quarter, or year to the period that just ended. A company needs to sell 6,000 units of its only product in order to break even. Fixed costs are $48,000, and the per unit selling price and variable costs are $23 and $15, respectively. If total sales are $260,000, the company's margin of safety will be equal to A. $0 B. $122,000 C. $138,000 D. $48,000 Choose the definition for Kaizen budgeting. A. Explicitly incorporates continuous improvement anticipated during the budget period into the budget numbers. B. A budget or plan that is always available for a specified future period, by continually adding a period (month, quarter, or year) to the period that just ended. C. Expresses management's operating and financial plans for a specified period (usually a fiscal year) and includes a set of budgeted financial statements. It is the initial plan of what the company intends to accomplish in the period. D. Focuses on the budgeted cost of the activities necessary to produce and sell products and services