UK Accounting Glossary
Budget generally refers to a list of all planned expenses. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods.
A personal budget provides a way to manage your expenses and plan out how you will spend your income in the future. A personal budget is only helpful however when it is adhered to with diligence.
The budget of a government is a summary or plan of the intended revenues and expenditures of that government. In some countries, such as the United States, the budget is mainly prepared by the legislature, in others, it is prepared by the government. 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.
As an adjective, budget is used in marketing as a euphemism for cheap.
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This glossary post was last updated: 13th February 2020.