3. The first step for time-and-material pricing is to calculate the material loading charge. A) True B) False 6. Budgets are statements of management's plans stated in financial terms. A) True B) False 7. The budget itself and the administration of the budget are the responsibility of the accounting department. A) True B) False 5. In the formula for a minimum transfer price, opportunity cost is the contribution margin of goods sold externally. A) True B) False 8. The budget is developed within the framework of a sales forecast. A) True B) False