Final answer:
The master budget includes all of the individual budgets for a business. It is a comprehensive financial plan consisting of various components.
Step-by-step explanation:
The master budget includes all of the individual budgets for a business. It is a comprehensive financial plan that includes all the projected revenues and expenses for a specific period, usually a year. The main components of a master budget include the sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, selling and administrative expense budget, and the budgeted income statement and balance sheet.