The correct answer is: All the statements are true.

Budgets and standards are interrelated is true, a standard unit production cost can act as the basis for a production cost budget.

Budgets and standards may be used for control purposes is also true. A budget aids control by setting financial targets or limits for a forthcoming period. Actual achievements or expenditures are then compared with the budgets and action is taken to correct any variances where necessary. A standard also achieves control by comparison of actual results against a predetermined target.

Budgets and standards both involve looking to the future is true. They are used to forecast what is likely to happen given a certain set of circumstances.