ECONOMICS

Detailed explanation-1: -Explanation: The process of budgeting starts with the framing of the revenue budget. A revenue budget is a budget that helps the firm or the company to make an estimation relating to the revenue to be earned during the year or during the budgeted period from selling such units of output.

Detailed explanation-2: -1. Assess your financial resources. The first step is to calculate how much money you have coming in each month. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources.

Detailed explanation-3: -The operating budgets include the budgets for sales, manufacturing costs (materials, labor, and overhead) or merchandise purchases, selling expenses, and general and administrative expenses. The sales budget is the starting point in putting together a comprehensive budget for a business.

Detailed explanation-4: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.