ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A budget is a plan for managing income and expenses over a set time frame.

Detailed explanation-2: -Budget. A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.

Detailed explanation-3: -Budgetary planning is the process of constructing a budget and then utilizing it to control the operations of a business. The purpose of budgetary planning is to mitigate the risk that an organization’s financial results will be worse than expected. The first step in budgetary planning is to construct a budget.

Detailed explanation-4: -The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.

Detailed explanation-5: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.