Budget (from French bougette, purse) generally refers to a list of allplanned expenses and revenues. It is a plan for saving and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms,a budget is an organizational plan stated in monetary terms.In summary, the purpose of budgeting is to:1.
Provide a forecast of revenues and expenditures i.e. construct a model of how our business might perform financially speaking if certain strategies, events and plans are carried out.2.
nable the actual financial operation of the business to be measuredagainst the forecast.
The budget of a government is a summary or plan of the intendedrevenues and expenditures of that government. The United States federalbudget is prepared by the Office of Management and Budget, andsubmitted to
ongress for consideration. Invariably,
ongress makesmany and substantial changes. Nearly all American states are required tohave balanced budgets, but the federal government is allowed to rundeficits.The Union Budget of India, referred to as the Annual FinancialStatement in Article 112 of the
onstitution of India, is the annualbudget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. Thebudget has to be passed by the
ouse before it can come into effect on April 1, the start of India's financial year.