Final answer:
Many of the schedules in a master budget are based on a variety of management estimates and assumptions.
Step-by-step explanation:
False. Many of the schedules in a master budget are indeed based on a variety of management estimates and assumptions. These estimates and assumptions are used to forecast revenues, expenses, and other financial data that are crucial for planning and decision making. For example, the sales forecast is based on assumptions about market demand, customer behavior, and competitive factors.