The difficult choices that government leaders face in solving our long-term budget problems are:
Budget refers to an estimate of income to be expected and expenditure for a period of time. It is what guides a business or government in terms of decision making.
Some three functions of budgeting includes;
1. Performance monitoring: a company may budget it's expenses for an entire year and after the budget period look back towards seeing how well they performed as regards keeping to their budget.
2. Income forecasting: budgeting allows a company to estimate expected income; an information that is used to get investors.
3. Decision making: a good budget serves to enable proper decision making. For example, a sales budget can help company know where to focus their resources.
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