A master budget a) drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed. b) presents a statement of expectations for a period of time but does not present a firm commitment. c) presents the plan for only one level of activity and does not adjust to changes in the level of activity. d) presents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. e)divides the activities of individual responsibility centers into a series of packages which are ranked ordinally