Budget: A detailed financial plan outlining an organization’s expected revenues and expenses over a specific period, typically a fiscal year. Budgets serve as a blueprint for how a company intends to manage its financial resources, allocating funds to various departments, projects, and initiatives. They are essential tools for financial planning and control, helping businesses prioritize expenditures, forecast financial performance, identify potential shortfalls or surpluses, and make informed strategic decisions based on their financial goals and objectives. Budgets are often revised periodically to reflect actual performance and changing circumstances.