BUDGET: Is the financial statement of proposed expenditure and expected revenue of the government during a particular period of time usually a year. It is prepared by the Ministry of Finance.

BALANCED BUDGET – Budget is said to be balanced when revenue generated is equal to proposed expenditure.

BUDGET DEFICIT – This occurs when government expenditure is greater than the expected revenue.

BUDGET SURPLUS – This occurs when government revenue is greater than proposed expenditure.

Leave a Comment

not allowed!