Trouble understanding BUDGET? 15 important terms you should know

Here are some basic terminologies explained quickly that will definitely help you understand the Budget;

NewsBharati    02-Feb-2023 18:10:42 PM   
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Usually before the budget , when the buzz is on about it..people discuss in lengths about what will it be. No matter what your profession is or whether even you are employed or not, everyone has their own take away from the budget. However, often what happens is that once the budget is presented, people try hard to understand it and yet the 'BUDGET' remains a distant topic. That is because of failed understanding of the most basic terminologies that deal with the budget. Here are some basic terminologies explained quickly that will definitely help you understand the Budget;
 

Budget 
 
 
1. Revenues:

The amount of money a government receives through taxes and other sources
 
 
2. Expenditures:

The money the government spends on various services and programs
 
 
3. Deficit & Surplus:

Deficit occurs when a government spends more money than it takes in, while a surplus occurs when it takes in more than it spends
 
 
4. Debt:

The amount of money a government owes to its creditors
 
 
5. Appropriations:

A specific amount of money set aside by the government for a particular purpose, such as funding a specific program
 
 
6. Entitlements:

Government programs, such as Social Security, that provide benefits to eligible citizens
 
 
7. Taxation:

The process of collecting money from citizens to fund government services and programs
 
 
 
 
 
8. Budget cuts:

Reductions in government spending, often in an effort to reduce the deficit or balance the budget
 
 
9. Allocation:

The process of distributing funds among different government programs and services


10. Budget balance:

A balanced budget occurs when a government's revenues are equal to its expenditures
 
 
11. Budget priorities:
 
The priorities and goals set by the government for how it will allocate its resources
 
 
12. Budget bill:
A piece of legislation that outlines a government's spending and revenue plans for a given year
 
 
13. Budget resolution:
An outline or guideline to the government's financial position, revenue and expenditure estimates for the upcoming financial year
 
 
 
14. Budget process:
The steps taken by the government to create and approve a budget, including negotiations, debates, and vote
 
 
15. Budget reconciliation:
The process of making changes to the government's budget in order to ensure that revenue and expenditures are in balance, or to address any imbalances between revenue and expenditure projections
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Budget Budget 2023 Budget 2013-24 Revenue Expenditure Deficit Surplus Debt Appropriations Entitlements Taxation Budget cuts Allocation Budget balance Budget priorities Budget bill Budget resolution Budget process Budget reconciliation
Himali Nalawade

Himali Nalawade

Himali Nalawade is associated with News Bharati as an Author since a considerable period. She is mostly linked with researched articles from the areas of Defence, Defence Infrastructure and Culture-Religion. Along with her Masters in Mass Communication and Journalism after her graduation in History, she has also studied Diploma in Underwater Archaeology and Diploma in Indology.