4. Why is the preparation of a sales forecast one of the earliest steps in preparing a master budget? 5. What are responsibility budgets? What responsibility centers would serve as the basis for preparing responsibility sales budgets in a large retail store, such as Sears or Nordstrom? 6. What is a flexible budget? Explain how a flexible budget increases the usefulness of budgeting as a means of evaluat- ing performance. onnroxi

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