The correct answer is: D. Financial budget
A master budget is a comprehensive financial plan for a business that outlines the company’s goals for the upcoming year. It is a summary of all the individual budgets that make up the company’s financial plan, such as the sales budget, the production budget, and the cash budget. The master budget is used to help the company achieve its financial goals by providing a roadmap for how the company will allocate its resources.
A functional budget is a budget that focuses on a specific area of a business, such as marketing, sales, or production. Functional budgets are used to help managers make decisions about how to allocate resources within their respective areas.
An operating budget is a budget that outlines the company’s expected revenues and expenses for the upcoming year. Operating budgets are used to help managers make decisions about how to price their products, how much to produce, and how to allocate their resources.
A summary budget is a budget that combines all of the individual budgets that make up the company’s financial plan. Summary budgets are used to provide a high-level overview of the company’s financial plan.