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Budget, the Glossary

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month.^[1]

76 relations: Accounting period, Activity-based costing, Asset, Balanced budget, Bonus payment, Calculation, Capital budgeting, Capital expenditure, Cash flow, Cash flow forecasting, Chief financial officer, Company, Consumer debt, Corporation, Cost, Cost of goods sold, Country, Debt, Deficit spending, Department of Budget and Management, Division (business), Duty, Earnings guidance, Economic surplus, European Union, Expense, Family, Financial analyst, Financial forecast, Financial management, Financial plan, Fixed cost, Free-trade zone, Future, Gaming the system, Government, Harvard Business Review, Houston Chronicle, Human resources, Income, Institute of Certified Public Accountants in Ireland, Integrated business planning, Investopedia, James Wilson (civil servant), Jurisdiction, Liability (financial accounting), Line-item veto, Local government, Michael C. Jensen, Mining, ... Expand index (26 more) »
Budgets
Home economics

Accounting period

An accounting period, in bookkeeping, is the period with reference to which management accounts and financial statements are prepared.

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Activity-based costing (ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.

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Asset

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity.

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Balanced budget

A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures.

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Bonus payment

A bonus payment is usually made to employees in addition to their base salary as part of their wages or salary.

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Calculation

A calculation is a deliberate mathematical process that transforms one or more inputs into one or more outputs or results.

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Capital budgeting

Capital budgeting in corporate finance, corporate planning and accounting is an area of capital management that concerns the planning process used to determine whether an organization's long term capital investments such as new machinery, replacement of machinery, new plants, new products, and research development projects are worth the funding of cash through the firm's capitalization structures (debt, equity or retained earnings). Budget and capital budgeting are budgets.

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Capital expenditure

Capital expenditure or capital expense (abbreviated capex, CAPEX, or CapEx) is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land.

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Cash flow

Cash flow, in general, refers to payments made into or out of a business, project, or financial product.

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Cash flow forecasting

Cash flow forecasting is the process of obtaining an estimate of a company's future cash levels, and its financial position more generally.

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Chief financial officer

A chief financial officer (CFO), also known as a treasurer, is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances (financial planning, management of financial risks, record-keeping, and financial reporting, and often the analysis of data).

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Company

A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective.

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Consumer debt

In economics, consumer debt is the amount owed by consumers (as opposed to amounts owed by businesses or governments).

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Corporation

A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.

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Cost

Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.

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Cost of goods sold

Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.

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Country

A country is a distinct part of the world, such as a state, nation, or other political entity.

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Debt

Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.

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Deficit spending

Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit, the opposite of budget surplus.

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Department of Budget and Management

The Department of Budget and Management (DBM; Kagawaran ng Badyet at Pamamahala) is an executive body under the Office of the President of the Philippines.

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Division (business)

A division, sometimes called a business sector or business unit (segment), is one of the parts into which a business, organization or company is divided.

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Duty

A duty (from "due" meaning "that which is owing"; deu, did, past participle of devoir; debere, debitum, whence "debt") is a commitment or expectation to perform some action in general or if certain circumstances arise.

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Earnings guidance

In financial reporting, earnings guidance or simply guidance is a publicly traded corporation's official prediction of its own near-future profit or loss, stated as an amount of money per share; see Earnings call.

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Economic surplus

In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities.

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European Union

The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe.

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Expense

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs.

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Family

Family (from familia) is a group of people related either by consanguinity (by recognized birth) or affinity (by marriage or other relationship).

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Financial analyst

A financial analyst is a professional undertaking financial analysis for external or internal clients as a core feature of the job.

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Financial forecast

A financial forecast is an estimate of future financial outcomes for a company or project, usually applied in budgeting, capital budgeting and / or valuation. Budget and financial forecast are budgets.

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Financial management

Financial management is the business function concerned with profitability, expenses, cash and credit.

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Financial plan

In general usage, a financial plan is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.

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Fixed cost

In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are business expenses that are not dependent on the level of goods or services produced by the business.

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Free-trade zone

A free-trade zone (FTZ) is a class of special economic zone.

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Future

The future is the time after the past and present.

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Gaming the system

Gaming the system (also rigging, abusing, cheating, milking, playing, working, breaking the system, gaming, or bending the rules) can be defined as using the rules and procedures meant to protect a system to, instead, manipulate the system for a desired outcome.

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Government

A government is the system or group of people governing an organized community, generally a state.

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Harvard Business Review

Harvard Business Review (HBR) is a general management magazine published by Harvard Business Publishing, a not-for-profit, independent corporation that is an affiliate of Harvard Business School.

See Budget and Harvard Business Review

Houston Chronicle

The Houston Chronicle is the largest daily newspaper in Houston, Texas, United States.

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Human resources

Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy.

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Income

Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

See Budget and Income

Institute of Certified Public Accountants in Ireland

CPA Ireland, formerly the Institute of Certified Public Accountants in Ireland, is one of the main Irish accountancy bodies, with 5,000 members and students.

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Integrated business planning

Integrated business planning (IBP) is a process for translating desired business outcomes into financial and operational resource requirements, with the overarching objective of maximizing profit and / or cash flow, while cutting down risk.

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Investopedia

Investopedia is a global financial media website headquartered in New York City.

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James Wilson (civil servant)

Sir James Wilson, (27 February 1853 – 22 September 1926)WILSON, Sir James’, Who Was Who, A & C Black, an imprint of Bloomsbury Publishing plc, 1920–2016 was a British civil servant in British India, where he spent most of his career in the Punjab.

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Jurisdiction

Jurisdiction (from Latin juris 'law' + dictio 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice.

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Liability (financial accounting)

In financial accounting, a liability is a quantity of value that a financial entity owes.

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Line-item veto

The line-item veto, also called the partial veto, is a special form of veto power that authorizes a chief executive to reject particular provisions of a bill enacted by a legislature without vetoing the entire bill.

See Budget and Line-item veto

Local government

Local government is a generic term for the lowest tiers of governance or public administration within a particular sovereign state.

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Michael C. Jensen

Michael Cole Jensen (November 30, 1939 – April 2, 2024) was an American economist who worked in the field of financial economics.

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Mining

Mining is the extraction of valuable geological materials and minerals from the surface of the Earth.

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Ministry of Finance (India)

The Ministry of Finance (IAST: Vitta Maṃtrālaya) is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India.

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Money

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.

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Nirmala Sitharaman

Nirmala Sitharaman (born 18 August 1959) is an Indian economist, politician and a senior leader of the Bharatiya Janata Party (BJP) serving as the Minister of Finance and Minister of Corporate Affairs of the Government of India since 2019.

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Non-governmental organization

A non-governmental organization (NGO) (see spelling differences) is an organization that generally is formed independent from government.

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Nonprofit organization

A nonprofit organization (NPO), also known as a nonbusiness entity, nonprofit institution, or simply a nonprofit (using the adjective as a noun), is a legal entity organized and operated for a collective, public or social benefit, as opposed to an entity that operates as a business aiming to generate a profit for its owners.

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Office of Management and Budget

The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP).

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Operational planning

Operational planning (OP) is the process of implementing strategic plans and objectives to reach specific goals.

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Operational risk management

Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk.

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Operations director

The role of operations director generally encompasses the oversight of operational aspects of company strategy with responsibilities to ensure operation information is supplied to the chief executive and the board of directors as well as external parties.

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Performance indicator

A performance indicator or key performance indicator (KPI) is a type of performance measurement.

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Prasanta Chandra Mahalanobis

Prasanta Chandra Mahalanobis OBE, FNA, FASc, FRS (29 June 1893– 28 June 1972) was an Indian scientist and statistician.

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President of India

The president of India (IAST) is the head of state of the Republic of India.

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Production budget

Production budget is a term used specifically in film production and, more generally, in business. Budget and production budget are budgets.

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Public-benefit nonprofit corporation

A public-benefit nonprofit corporation is a type of nonprofit corporation chartered by a U.S. state government, and organized primarily or exclusively for social, educational, recreational or charitable purposes by like-minded citizens.

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Revenue

In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.

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Sales

Sales are activities related to selling or the number of goods sold in a given targeted time period.

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Sales and operations planning

Sales and operations planning (S&OP) is an integrated business management process through which the executive/leadership team continually achieves focus, alignment, and synchronization among all organization functions.

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Senate of the Philippines

The Senate of the Philippines (Senado ng Pilipinas) is the upper house of Congress, the bicameral legislature of the Philippines, with the House of Representatives as the lower house.

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Strategic management

In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.

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Strategic planning

Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.

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Sunk cost

In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered.

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Tax

A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.

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Variance (accounting)

In budgeting, and management accounting in general, a variance is the difference between a budgeted, planned, or standard cost and the actual amount incurred/sold.

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Veto

A veto is a legal power to unilaterally stop an official action.

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Wealth

Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions.

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Zero-based budgeting

Zero-based budgeting (ZBB) is a budgeting method that requires all expenses to be justified and approved in each new budget period, typically each year. Budget and Zero-based budgeting are budgets.

See Budget and Zero-based budgeting

References

[1] https://en.wikipedia.org/wiki/Budget

Also known as Annual budget, Annual budgeting, Budget Analyst, Budget law, Budget level, Budgeting, Budgeting process, Budgets, Budjet, Comprehensive budget, Corporate budget, Financial act, Finanziaria, Government Budget, Master budget, Sound Budget.

, Ministry of Finance (India), Money, Nirmala Sitharaman, Non-governmental organization, Nonprofit organization, Office of Management and Budget, Operational planning, Operational risk management, Operations director, Performance indicator, Prasanta Chandra Mahalanobis, President of India, Production budget, Public-benefit nonprofit corporation, Revenue, Sales, Sales and operations planning, Senate of the Philippines, Strategic management, Strategic planning, Sunk cost, Tax, Variance (accounting), Veto, Wealth, Zero-based budgeting.

Budget, the Glossary

Table of Contents

See also

Budgets

Home economics

References