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Master data contains records of permanent data types. Transactional data is the data that's used to update the records in a master file.
For example you may pick "customer's name" and "customer's address" and "item ordered" as permanent data types in the master data. When you update your records to say that "John Smith" of "17 Smith Street, New York City, New York" purchased "3 pairs of jeans", that kind of data is called transactional data.