3. How are standards established for direct materials, direct labour, and variable manufacturing overhead? (2 points) 4. What are the advantages of budgeting? ( 2 points) 5. What is zero based budgeting? ( 2 point) 6. What is a master budget? ( 2 points) 7. Why do successful companies tend to use the bottom-up approach to establish a master budget? ( 2 points) 8. Develop the components of a master budget. ( 2 points) 9. The sales budget is the starting point for the master budget. What is a sales budget, and how is it prepared? (2 points) 10. The production budget is developed next and is based on sales budget projections. What is a production budget, and how is it prepared? ( 2 points)