A statement that projects income and/or expenditures over a specified future period is called a budget.
What is a budget?
In economics, budget means the estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, individuals etc. It is a financial plan for a defined period, such as a year that is known to greatly enhance the success of any financial undertaking.
Importantly, a budget allows to oversee and better understand whether your business has enough revenue (incoming money) to pay its expenses.
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