Question 21 2 points Save A [47] The basic difference between a master budget and a flexible budget is that a master budget is A. Based on one specific level of production, and a flexible budget can be prepared for any production level within a relevant range. Only used before and during the budget period, and a flexible budget is only used after the budget period. Based on a fixed standard, whereas a flexible budget allows management latitude in meeting goals. B. For an entire production facility, whereas flexible budget is applicable to single departments only