The owner, Teresa, would like you to include some notes along with each of the budgets so that she can learn a bit more about how you came up with your calculations and what each of the budgets means. She wants to ensure that anyone can recreate the master budget for future quarters in case you are not available. Please answer the following questions for her in your own words as part of a conclusion section of the report.

1. How does the Master Budget relate to strategy and long-term objectives?

2. Explain how the performance of what-if analyses, sensitivity analyses, and scenario analyses can improve uncertainty in the budgeting process.

3. Describe and provide suggestions for dealing with the behavioural issues of budgeting slack and lack of motivation among employees that might negatively affect a successful budgeting process.