ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A budget is a plan that shows you how you can spend your money every month. Making a budget can help you make sure you do not run out of money each month. A budget also will help you save money for your goals or for emergencies.

Detailed explanation-2: -Budget vs. actual is the process of comparing your organization’s predicted budget to the amount you actually have, in order to find the variance, or difference. Your business’ static budget is the predicted number you’re expected to reach based on historical income and expenses.

Detailed explanation-3: -A budget is simply a spending plan that takes into account estimated current and future income and expenses for a specified future time period, usually a year. Having a budget keeps your spending in check and makes sure that your savings are on track for the future.

Detailed explanation-4: -A budget is a financial plan for allocating resourc-es-deciding how much the Federal Government should spend in total, program by program, and for the parts of each program and deciding how to finance the spending.