Explanation:

Capital budgeting in corporate finance is the planning process used to determine an organization's long-term capital investments. This budget mainly covers items of current revenue and expenditure. Such as new machinery, replacement of machinery, new plants, new products, and research development projects. It is the process of allocating resources for major capital, or investment, expenditures. Capital budgeting is typically considered a non-core business activity. Hence option 4th is correct.