ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -At the most basic level, a budget is a way to keep track of the money you are getting and the money you are spending. A budget is a great way to make sure that you can cover your expenses from month to month.

Detailed explanation-2: -The statement is “True” Yes, a budget is the quantitative expression of a proposed plan of action which is prepared by the management of the entity for a particular time period. The budget includes all the actions such as sales volume, revenues, assets, costs, expenses, flows of cash, business activities, and so on.

Detailed explanation-3: -Yes, it is true budget shows plans of management in financial terms.

Detailed explanation-4: -Not only is budgeting one of the top financial goals people set each new year, but it’s also the foundation you should build all your other money goals on. A budget is how you make progress with your money. It’s a plan for what’s coming in (your income) and what’s going out (your expenses).