Please select/circle the correct answer for each question. 1. Which of the following is NOT a component of the master budget? a. Sales Budget b. Capital Budget c. Cost of Goods Sold Budget d. Budget to Actual Variance Analysis 2. Control can be defined as a. the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan. b. a quantification of plans, stated in either physical or financial terms, or both. c. identification of corporate objectives. d. a comprehensive financial plan 3. Which of the following is the most common starting point in the information gathering process for budgeting? a. the personnel forecast b. the sales forecast c. the production forecast d. the projected income statement