What is a budget?
A) The estimated number of people required to complete a manufacturing project
B) An estimate of costs submitted to a buyer in order to make a sale
C) An estimate of the cash balance for the year
D) A detailed estimate of receipts and expenditures for a given period of time
E) An estimate of research and development costs

Question

Quizplus · Accepted Answer

A budget is a detailed estimate of receipts (income) and expenditures (expenses) for a given period of time, typically a year. It helps to ensure that income is sufficient to cover expenses and is a key tool in financial planning and management. Options A, B, C, and E are incorrect as they do not accurately define a budget.

What Is a Budget