The budget is created to develop good financial decision-making skills, is known as Financial literacy. Thus, option 2nd is correct.
Budget refers to the blueprint of the expenses and income of the individual or the corporation. It is the estimation of the net revenue after deducing all losses and expenses for the specific period of time. After the expiry of the specific period, the new budget is prepared.
Government also prepares the budget to calculate the deficit or surplus in the government spending. Therefore, It can be prepared by a person, group, business or government organization.
Financial literacy refers to confident of understanding the concepts regarding the finances of the person and his savings. It is study about the money related affairs.
Therefore, it can be concluded that option 2nd is correct.
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