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A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month.A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.
A personal budget (for an individual) or household budget (for a group sharing a household) [1] is a plan for the coordination of income and expenses. [2] Purpose
An increasing percentage of the federal budget became devoted to mandatory spending. [3] In 1947, Social Security accounted for just under five percent of the federal budget and less than one-half of one percent of GDP. [8] By 1962, 13 percent of the federal budget and half of all mandatory spending was committed to Social Security. [3]
National budget: a budget that the federal government creates for the entire nation. State budget: In federal systems, individual states also prepare their own budgets. Plan budget: It is a document showing the budgetary provisions for important projects, programmes and schemes included in the central plan of the country.
A budget surplus means the opposite: in total, the government has removed more money and bonds from private holdings via taxes than it has put back in via spending. Therefore, budget deficits, by definition, are equivalent to adding net financial assets to the private sector, whereas budget surpluses remove financial assets from the private sector.
Budgetary policy refers to government attempts to run a budget in equity or in surplus. The aim is to reduce the public debt. It is not the same as a fiscal policy, which deals with the fiscal stimulus to the economy, the repartition of taxes and the generosity of allowances. It is the policy which governments adopt while formulating budget.