Similarities between a budget and a standard:

• Both involve looking to the future and forecasting what is likely to happen under a certain set of circumstances.
• Both are used for control purposes. 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.

Differences between a budget and a standard:

• Budget: Gives planned total costs for a function or cost center, while
  Standard: Shows the unit resource usage for a single task, for example, the standard labor hours for a single unit of production.
• Budget: Can be prepared for all functions, even where output cannot be measured.
  Standard: Limited to situations where repetitive actions are performed, and output can be measured.