Question

(4) Summary of all functional budgets :
(a) Master budget
(c) Fixed budget
(b) Cash budget
(d) Production budget​

Answer 1

Budget prepared for each of the function is called as functional budget. These may be sales budget, Raw Material budget, expense budget, cash budget etc.

A master budget is an aggregation of all lower level budget produced by the company for all functional areas. It includes summary of all budget and produce in a consolidated form.