Defining in detailA Budget is defined as a quantifiable rendition of a financial plan for a specifically demarcated period of time.įor domestic purposes a budget is limited to laying out and preparing for potential expenditure in keeping with potential earnings without compromising a basic standard of living that should ideally improve with time.Ī budget for business purposes is slightly more complex. It is a crucial counter measure against excessive spending, miscalculations and risk. It is an essential aspect of financial planning for both business and domestic purposes.
What is a Budget?A budget is a basic financial strategy outlining potential expenditure and income over a specific period of time.
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