Indicate whether each of the following statements is true or false. 1. A flexible budget can be viewed as an extension of a company's master budget. 2. The master budget is a static budget because it is prepared for a single level of volume. 3. Standards are established for a company's costs but not for the selling prices of its goods and services. 4. If rent is budgeted at $34,000 for 10,000 units, rent would also be budgeted at $34,000 for 11,000 units. 5. Flexible and static budgets use the same per-unit standard amounts for sales and variable costs.