In essence, the terms "master budget" and "operating budget" mean the same thing and can be used interchangeably.

Name: In essence, the terms "master budget" and "operating budget" mean the same thing and can be used interchangeably.
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The master budget is a comprehensive financial plan for an organization, including various individual budgets like the operating budget, which specifically focuses on the day-to-day revenue and expenses.

In Essence, the Terms "Master Budget" and "Operating Budget" Mean