Master budget
In one sentenceThe business's complete budget, bringing the operating, cash and capital budgets into one plan, with a budgeted income statement and statement of financial position.
Simply put
The master budget is the big picture: all the partial budgets are linked together, so changing the sales figure, for example, changes purchases, cash and profit at the same time.
It usually ends with three outputs: a budgeted income statement, a cash budget, and a budgeted statement of financial position for the end of the period.
Example
An electronics store prepares a sales budget, then a purchases and expenses budget, then a cash budget showing it needs short-term financing in the back-to-school season, and a capital budget for a new branch. All of them together are the master budget.