Capital budgeting is related to:

Capital budgeting is a crucial financial decision-making process businesses use to evaluate potential major projects or investments. These investments typically involve significant expenditures on long-term assets, such as new machinery, equipment, buildings, or research and development projects, with the expectation of generating future returns over an extended period. It focuses on strategic, long-term growth.

• Short-term assets: Short-term assets (like inventory or cash) are managed through working capital management, not capital budgeting.
• Both long-term and short-term assets: While a business manages both, capital budgeting specifically focuses on long-term investment decisions.
• Fixed assets: Fixed assets are a type of long-term asset, but "long-term assets" is a broader and more accurate term for the scope of capital budgeting, which can also include intangible long-term investments.