ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.
Detailed explanation-2: -A budget is a specific plan for your money that gives you financial boundaries so you can live within your means, control your spending, and manage your money well. Budgeting is important for paying off debt, building savings, and achieving your financial goals.
Detailed explanation-3: -Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.
Detailed explanation-4: -In a parliamentary democracy, the political executive is responsible to the Parliament. The control exercised by the Parliament over the executive is its control on financial expenditure.