Business / Taxes / Budget: A budget is a written record of income and expenses during a specific time frame, typically a year. You use a budget as a spending plan to allocate your income to cover your expenses and to track how closely your actual expenditures line up with what you had planned to spend. An essential part of personal budgeting is creating an emergency fund, which you can use to cover unexpected expenses. You also want to budget a percentage of your income for saving and investing, just as you budget for food, housing, and clothing. Businesses and governments also create budgets to govern their expenditures for a fiscal year — though like individuals they make regular adjustments to reflect financial reality. And like individuals, businesses and governments can find themselves in trouble if their spending outpaces their income.

Balanced Budget

Business / Finance / Balanced Budget: A budget in which the income equals expenditure. See: budget. MORE

Zero-Based Budgeting

Business / Human Resources (HR) / Zero-Based Budgeting: A budgeting system that starts with no authorized funds as a starting point. In a zero-based budget, each activity or program to be funded must be justified every time a new budget is prepared and res MORE

Zero Based Budget (ZBB)

Business / Accounting / Zero Based Budget (ZBB): Starting a budget at zero and justifying every cost that increases that budget. MORE