ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A balanced budget occurs when revenues are equal to or greater than total expenses. A budget can be considered balanced after a full year of revenues and expenses have been incurred and recorded. Proponents of a balanced budget argue that budget deficits burden future generations with debt.

Detailed explanation-2: -A balanced budget is a budget (i.e., a financial plan) in which revenues are equal to expenditures, such that there is no budget deficit or surplus.

Detailed explanation-3: -Definition and Examples of a Balanced Budget For example, if Michael and Jessica bring home $75, 000 a year but only spend $70, 000, then they have a balanced budget because their expenses are equal to or less than their income.

Detailed explanation-4: -Balanced Budget – Loosely, a budget with a surplus rather than a deficit. In governmental accounting terms, a budget in which anticipated or actual total revenues equal anticipated or actual total expenditures. Conversely, an unbalanced budget is one in which expenditures exceed revenues, or vice versa.

Detailed explanation-5: -keep track of your income and expenses. stay on top of your monthly bills. be prepared for unexpected expenses. avoid overspending. figure out how much you need to save to meet your financial goals. 25-Aug-2022