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Master Budget
A master budget is a comprehensive financial planning document that combines all of an organization's individual budgets and plans into a single, unified plan.
High-Low Method
A mathematical method that uses the total costs incurred at the high and low levels of activity to classify mixed costs into fixed and variable components.
Mixed Cost
A cost composed of a fixed and a variable component and changes in total with the level of activity, but not proportionally.
Variable
An element, feature, or factor that is liable to change or be changed, often used in the context of experiments, statistics, or mathematics.
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