Budget

Business, Legal & Accounting Glossary

Definition: Budget


Quick Summary of Budget


A budget is an official statement statement of the state expenditure and estimated revenues during a particular financial year. It acts as a tool for the government in power for implementing its policies and programs.

The budget highlights the expenses needed for the execution of different policies. The budget casts a significant impact on a country’s economy. It ensures aggregate fiscal discipline thereby controls the total expenditure. It also plays a crucial role in the allocation of resources depending on social and economic priorities. It also ensures the effective deliverance of services and undertaking of programs. The central government budget in India is divided into the revenue and capital budget. The revenue budget comprises the revenue receipts of the government while the capital budget takes care of the capital receipts and payments.



What is the dictionary definition of Budget?

Dictionary Definition


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.

  1. obsolete A wallet, purse or bag.
  2. The amount of money or resources earmarked for a particular institution, activity or time-frame
  3. An itemized summary of intended expenditure; usually coupled with expected revenue.

Full Definition of Budget


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.

budget is an official statement of the state expenditure and estimated revenues during a particular financial year. It acts as a tool for the government in power for implementing its policies and programs.

The budget highlights the expenses needed for the execution of different policies. The budget casts a significant impact on a country’s economy. It ensures aggregate fiscal discipline thereby controls the total expenditure. It also plays a crucial role in the allocation of resources depending on social and economic priorities. It also ensures the effective deliverance of services and undertaking of programs. The central government budget in India is divided into the revenue and capital budget. The revenue budget comprises the revenue receipts of the government while the capital budget takes care of the capital receipts and payments.

As an adjective, budget is used in marketing as a euphemism for cheap.

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.


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Budget. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/budget/ (accessed: December 02, 2020).
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Budget. PayrollHeaven.com. Retrieved December 02, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/budget/

Definition Sources


Definitions for Budget are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th March, 2020 | 11 Views.