Budget Meaning and Definition from WordNet (r) 2.0

budget n
1. a sum of money allocated for a particular purpose; "the laboratory runs on a budget of a million a year"
2. a summary of intended expenditures along with proposals for how to meet them; "the president submitted the annual budget to Congress" v : make a budget

Budget Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)

Budget \Budg"et\, n. [OE. bogett, bouget, F. bougette bag, wallet, dim. of OF. boge, bouge, leather bag. See Budge, n., and cf. Bouget.]
1. A bag or sack with its contents; hence, a stock or store; an accumulation; as, a budget of inventions.
2. The annual financial statement which the British chancellor of the exchequer makes in the House of Commons. It comprehends a general view of the finances of the country, with the proposed plan of taxation for the ensuing year. The term is sometimes applied to a similar statement in other countries. To open the budget, to lay before a legislative body the financial estimates and plans of the executive government.

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A budget (from old French bougette, purse) is a list of all planned expenses and revenues. It is a plan for saving and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.

In summary, the purpose of budgeting is to:

The process of calculating the costs of starting a small business begins with a list of all necessary purchases including 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 of this reserve and a description of the expected financial results of business activities. The assets should be valued with each and every cost. All other expenses are like labour factory overhead all freshmen expenses are also included into business budgeting.

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* Senator, I started my life in a house without water or electricity. So I don't cede to you the high moral ground of not knowing what life is like in a ditch. to Senator Robert Byrd at a budget hearing - Paul O'Neill


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