11. the basic difference between a master budget and a flexible budget is that a master budget is: (calculation steps are not needed) a) only used before and during the budget period and a flexible budget is only used after the budget period. b) for an entire production facility and a flexible budget is applicable to single departments only. c) based on one specific level of production, a da flexible budget can be prepared for any production level within a relevant range. d) based on a fixed standard and a flexible budget allows management latitude in meeting goals.