Master budget is an overall financial and operating plan for a forthcoming calendar or fiscal year. Operating budget shows income and expenses that are likely to be produced through the current operations of the organization (does not include non-operating items such as income from investments). Cash budget presents expected cash inflow and outflow for a designated time period. Flexible budget allows resources to vary in proportion with various levels of activity (e.g. setting aside extra money to have it available for hiring and paying temporary workers, in case sales increase and so does the need for production). Expense budget includes the money planned to be spent on all the primary activities of a unit together with the amount to be spent on each item during a year. The correct answer is Choice D.