ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A budget is an estimation of the revenue and expenses over a specified future period of time and is compiled and re-evaluated on a periodic basis.

Detailed explanation-2: -2. What Is a Budget? In the simplest terms, a budget is an estimate of income and expenditure for a set period of time.

Detailed explanation-3: -An income and expenditure budget for a project (or a program, or a whole organization), will show: the anticipated costs (expenditure), and funding (income) to cover those costs, for a specified period of time.

Detailed explanation-4: -The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budget: the operating or current budget, the capital or investment budget, and the cash or cash flow budget.

Detailed explanation-5: -An income statement is a financial statement that shows you the company’s income and expenditures. It also shows whether a company is making profit or loss for a given period.