Listed below are elements of the master budget. Determine whether each budget is an operating budget or a financial budget. Place an O for operating budget or F for financial budget.

1. Capital expenditures budget

2. cost of goods sold

3. revenues budget

4. budgeted statement of cash flows

5. distribution costs budget

6. marketing costs budget

7. cash budget

8. direct materials cost budget

9. budgeted balance sheet

10. budgeted income statement