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1. Explain the following terms a. Flexible budget b. Continuous budget c. Master budget 2. How to we make a production budget in units 3.

1. Explain the following terms

a. Flexible budget

b. Continuous budget

c. Master budget

2. How to we make a production budget in units

3. Give two importance of budgeting.

4. Differentiate between strategic planning and tactical planning

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