 In this presentation, we will take a look at multiple choice questions related to budgeting, going through those questions, and then practicing test-taking skills with them. First question, a plan that lists operating expenses expected that are not including and the selling expenses budget A, overhead budget, B, sales budget, C, cash payments budget, D, cash receipts budget, and E, general and administrative budget. Let's go through this again using the process of elimination. A plan that lists operating expenses expected that are not included in the selling and administrative expenses budget. Now that's a kind of a strange type of explanation here, but we can see we have operating expenses. Operating expenses are usually, if we think about the income statement of a multi-step income statement, we typically think of selling and administrative type expenses as the operating expenses, and then they eliminated the selling expenses. So it sounds kind of funny to think about it, but we're talking about operating expenses. So if we go through these then, A says overhead budget. Now we might think, maybe that's selling and admin, but that usually goes into the cost of goods sold actually overhead, but, and then B says the sales budget, and we're talking about operating expenses. So I don't think it's going to be B, the sales budget, C says cash payments budget, and we might think, you might have payments in there, and D says cash receipts budget. This is expenses again, so we're probably not talking about money coming in. That would be kind of income typically. And then E says general and administrative expense budget. So there's an expense, some type of expense budget, and it is an operating expense. So I'll keep that one for now. AC and E, let's go through it again. A plan that lists operating expenses expected that are not included in the selling expenses budget, is it the overhead budget? We're talking about operating expenses. This is typically cost of goods sold. So I don't think it's that one. C says cash payments budget versus E saying general and administrative expense budget of the two, ease and expense. So again, note they kind of listed this directly what it is on a multi-step income statement. They're operating expenses typically consisting of selling and administrative expenses. They then eliminated this selling expenses, which leaves us with the general and admin.