157.Briefly describe a master budget and the sequence in which the individual budgets within the master budget are prepared. 158.What is activity-based budgeting? 159.Why is the sales budget...

157.Briefly describe a master budget and the sequence in which the individual budgets within the master budget are prepared.

158.What is activity-based budgeting?

159.Why is the sales budget usually prepared first?

160.What is a sales budget? How is the sales budget prepared?

161.What is a merchandise purchases budget? How is the merchandise purchases budget constructed?