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27. A combined set of operational budgets and a set of financial budgets for the entire organisation is known as a: a) Master budget. b) Flexible budget. c) Month-to-month budget. d) Continuous budget.

28. Which of the following best describes a Joint-Product? a) It is the expected loss in the efficient production of products. b) It is that part of the output of a process which produces one or more products which have relatively low sales values. c) It is that part of the output of a process where two or more products are produced which have substantial sales value to a business. d) It is what happens when production is less efficient than expected and the actual loss is greater than expected.