ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Key Takeaways A budget is a plan for managing income and expenses over a set time frame. There are different types of budgets you can use to manage your money. Budgets can help you track spending and live within your means.

Detailed explanation-2: -A budget is a spending plan based on income and expenses. In other words, it’s an estimate of how much money you’ll make and spend over a certain period of time, such as a month or year. (Or, if you’re accounting for the incoming and outgoing money of everyone in your household, that’s a family budget.)

Detailed explanation-3: -A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.

Detailed explanation-4: -The foundation of an effective budget is your net income. That’s your take-home pay-total wages or salary minus deductions for taxes and employer-provided programs such as retirement plans and health insurance.