Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Budgeted diving-hours (q) Revenue ($430.000) Puget Sound Divers Planning Budget For the Month Ended May 31 Expenses: Wages and salaries ($11,700 $124.009) Supplies (55.00g) Equipment rental ($2,000 $23.000) Insurance ($4,100) Miscellaneous ($530+ $1.44g) Total expense Net operating income Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Wages and salaries Supplies Equipment rental Insurance Miscellaneous 300 5 129,000 Total expense Net operating income 48,900 1,500 8,900 4,100 962 64,362 $ 64,638

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A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

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A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.