ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -A spending plan (also called a budget) is simply a plan you create to help you meet expenses and spend money the way you want to spend it.

Detailed explanation-3: -Financial budgets typically include a balance sheet, budgeted income statement, capital expenditures budget, and cash budget.

Detailed explanation-4: -What is a Spending Plan? A spending plan is a method for distributing your income among the mix of things you want and need. Creating a spending plan ahead of time will allow you to effectively manage your finances and determine where to best spend your money.

Detailed explanation-5: -Budgeting is the act of putting together a budget, which is an estimate of your revenue and expected expenses for a given time period. Savings refers to the money left over after your expenses are subtracted from your revenue, also within a specific time period.