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Budgetting is useful because it helps to record past income and spending , to plan future income and spending , to balance available resources and expenses.
Omitted options are :
1. to record past income and spending
2.to take out a student loan from the bank
3.to plan future income and spending
4.to apply for a mortgage
5.to balance available resources and expenses
A budget generally is referred to as a formal statement plan for revenue estimation and expenses based on a specific future period of time with periodic re-evaluation.
In business, a budget acts a yardstick to help organisation to plan their operational activities and develop a spending plan based on the income and expenses, same can be applied to government budget and personal budget.
Types of business budget includes :
Budgeting is therefore a fundamentally piece of any business to thrive .
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