What does it mean?

A budget is a formal annual financial statement that lays out an estimate of the income and expenses in line with future objectives. In other words, it is a statement outlining the estimated revenues and expenses for an upcoming period.

Points to remember

  • A budget can be a corporate or a governmental one.
  • There are 3 types of budgets under the government budget, which are Balanced budget, Surplus budget and Deficit budget.
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