A flexible budget has which of the following characteristics?Multiple select question.Useful for evaluating past performanceUseful to compare what-if scenariosAlways based on one level of activityOften based on several levels of activityIs the same as the master budget

A flexible budget has the following characteristics:

1. Useful for evaluating past performance: Yes, a flexible budget is useful for evaluating past performance. It allows for adjustments based on actual operational results, which can provide a more accurate comparison and evaluation of past performance.

2. Useful to compare what-if scenarios: Yes, a flexible budget is useful to compare what-if scenarios. It can be adjusted to reflect different levels of activity, which can help in planning and decision-making processes.

3. Always based on one level of activity: No, a flexible budget is not always based on one level of activity. It is designed to change in accordance with the level of activity or volume of output.

4. Often based on several levels of activity: Yes, a flexible budget is often based on several levels of activity. It is designed to adapt to changes in operational activity levels.

5. Is the same as the master budget: No, a flexible budget is not the same as the master budget. The master budget is a comprehensive projection of how management expects to conduct all aspects of business over the budget period, while a flexible budget can adjust to changes in activity levels.