ENTREPRENEURSHIP

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.

Detailed explanation-2: -What is a Balanced Budget? 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: -A balanced budget is a budget in which revenues are equal to expenditures.

Detailed explanation-4: -Answer: If the budget receipts are less than the budget expenditure, then the budget is termed as a deficit budget.

Detailed explanation-5: -In easy English terms the calculation can be stated: Opening Balance (what you have in bank at the start) plus Total Income (what money comes in) minus Total Expenses (what money goes out) equals Closing Balance (what money you have left).