Budget (from french bougette, purse) generally refers to a list of all planned expenses and revenues. French ( français,) is a Romance language spoken around the world by 118 million people as a native language and by about 180 to 260 million people A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. Microeconomics is a branch of Economics that studies how individuals households and firms and some states make decisions to allocate limited resources typically in markets A Budget constraint represents the combinations of goods and services that a consumer can purchase given current prices and his income 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. Enable the actual financial operation of the business to be measured against the forecast.

Contents 1 Business Start-up Budget 2 Corporate budget 3 Event Management Budget 4 Government budget 5 Personal or family budget 6 See also 7 References

Business Start-up Budget

Description of the expected financial results of your business activities. Initial process of calculating your small business start-up costs list everything you will need to purchase including both tangible assets (for example, equipment, inventory) and services (for example, remodeling, insurance), working capital, sources and collateral. The budget should contain a narrative explaining how you decided on the amount you are putting into this reserve.

Corporate budget

The budget of a company is compiled annually. Generally a company is a form of Business organization. The precise definition varies A finished budget usually requires considerable effort and can be seen as a financial plan for the new financial year. While traditionally the Finance department compiles the company's budget, modern software allows hundreds or even thousands of people in the various departments (operations, human resources, IT etc) to contribute their expected revenues and expenses to the final budget.

If the actual numbers delivered through the financial year turn out to be close to the budget, this will demonstrate that the company understands their business and has been successfully driving it in the direction they had planned. On the other hand, if the actuals diverge wildly from the budget, this sends out an 'out of control' signal and the share price could suffer as a result.

Event Management Budget

A budget and planning tool to assist in calculating and meeting the costs associated with a business or social event. It is a fundamental tool that enable the event director to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even.

Government budget

For more details on this topic, see Government budget. A government Budget is a legal document that is often passed by the Legislature, and approved by the Chief executive -or president

The budget of a government is a summary or plan of the intended revenues and expenditures of that government. For the government of parliamentary systems see Executive (government. In the United States, the federal budget is prepared by the Office of Management and Budget, and submitted to Congress for consideration. The United States of America —commonly referred to as the The Office of Management and Budget (OMB is a Cabinet -level office and is the largest office within the Executive Office of the President of the United States (EOP Invariably, Congress makes many and substantial changes. Nearly all American states are required to have balanced budgets, but the federal government is allowed to run deficits.

In the UK the budget is prepared by the Chancellor of the Exchequer, the second most important member of the government, and must be passed by Parliament. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom and British overseas territories Parliament seldom makes changes to the budget.

Personal or family budget

For more details on this topic, see Personal budget. A personal budget is a Finance plan that allocates future personal Income towards Expenses Savings and Debt repayment

In a personal or family budget all sources of income (inflows) are identified and expenses (outflows) are planned with the intent of matching outflows to inflows (making ends meet. Income, refers to consumption opportunity gained by an entity within a specified time frame which is generally expressed in monetary terms In common usage an expense or expenditure is an outflow of Money to another person or group to pay for an item or service or for a category of costs ) In consumer theory, the equation restricting an individual or household to spend no more than its total resources is often called the budget constraint. Consumer theory is a theory of Microeconomics that relates Preferences to consumer demand curves. A Budget constraint represents the combinations of goods and services that a consumer can purchase given current prices and his income

See also

• Budget
• Budget crisis
• Budget overrun
• Budget surplus
• Budget theory
• Canadian federal budget
• Chancellor of the Exchequer (UK budget)
• Deficit
• Government financial reports
• Personal finance
• United States budget process
• Union budget of India
• United Kingdom budget
• Variance analysis (accounting)

References

A budget crisis is an informal name for a situation in which the legislative and the executive in a Presidential system deadlock and are unable to pass a budget Cost overrun is defined as excess of actual Cost over Budget. A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in Budget theory is the academic study of political and social motivations behind government and civil society Budgeting. In Canada, federal budgets are presented annually by the Government of Canada to identify planned government spending expected government revenue and forecast economic The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in Government financial reports are an important part of Democracy ( or a constitutionally limited republic but often not widely read or discussed Personal finance is the application of the principles of Finance to the monetary decisions of an individual or family unit The process of creating the budget for the United States Government is known as the budget process. The Union Budget of India, referred to as the Annual Financial Statement in the Constitution of India, is the annual budget of the Republic of India, presented The United Kingdom budget in the field of Public finance deals with HM Treasury Budgeting the Revenues gathered by Her Majesty's Revenue and In Budgeting (or Management accounting in general a variance is the difference between a budgeted planned or standard amount and the actual amount incurred/sold

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