Which of the following statements is true of budgets?

A. Master budgets express management's operating and financial plans
B. Financial budgets are prepared before the master budget is prepared.
C. Operating budgets are prepared independently of the master budget.
D. The budgeted balance sheet is the first budget prepared as management is very much concerned with projected financial position.

Royal motor corp. generates a major portion of its revenues by manufacturing luxury sports cars. however, the company also derives an insignificant percent of its annual revenues by selling its sports merchandise that includes apparel, shoes, and other accessories under the same brand name. which of the following terms best describes royal motor corp.? a. aconglomerate b. a subsidiary c. adominant-businessfirm d. a single-business firm