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The compound word for school head is headmaster.
Yes, masthead is a compound word, as both "mast" and "head" are words.
The examples provided are not compound words.
Yes, the word grandma is a compound word made up of 'grand' and 'ma'.
The term 'grand ball' can be considered a compound noun. When a combination of words are joined to form a word with its own meaning becomes commonly used and its meaning understood by most, it becomes a compound noun. As a noun, 'grand ball' is a singular, common, compound, abstract noun, a word for a thing.