Question

Explain the following type of plan: 

Budget

Answer 1

A budget is a quantitative financial plan that allocates resources including money, time, and labor to particular projects, activities, or divisions within a company. Budgetary characteristics include:

1. Quantitative: Budgets include monetary-based numerical assumptions and allocations of resources, including income, expenses, and expenditures.
2. Time-bound: Budgets describe the anticipated inflows and outflows of financial resources over a given time period, such as a fiscal year, quarter, or month.