RE Cheep meters.. Now long ago and far away (Well not that far,,,Tekonsha MI and I'm not near (but not in) FLint) I had a very nice very "Consistant" Vacuum Tube Volt Meter (RCA WV77e)
It came with calibration instructions Today I use hand held not plug in meters. But the calibration test procedure should still work.. A brand new Carbon Zinc D-cell (Well you could use an aaa for that matter but the D will give a more accurate calibration on a cheap meter. Alas. What I forget is the voltage. I do recall it is not 1.5 but something else The manual for the WV77e Will tell you what it is
For a full lab calibration there are several things used
A variable voltage source hooked to a mercury cell via a Galvanometer (Amazing I got the spelling right) Hook meter under test to the variable source and adjust so the very very very very sensitive Galvanometer shows NO current flow.. Reading on meter should be voltage stamped on mercury cell.
Done that too.. 50 years ago.