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Question 1

A budget is an itemized summary of estimated or intended expenditure for a given period of time usually one year along with proposals for financing them. It is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. For example, you will not be able to buy a jeep this year.

As a planning document, a budget enables Dtiefontein to set priorities and monitor progress towards selected goals. To achieve budgetary objectives it may be necessary to set aside saving or to borrow from outside resources. Budgets are used to make efficient use of money and avoid spending more than their earning. Budget also helps to allocate incomes between present and future needs.

The goal in budgeting is to achieve a positive end balance on the bottom line of the balance sheet, so that receipts or income exceeds payment or expenses. In case of a negative balance, ways should be found to spend less or increase income.

Due to the fa...