Planning a home budget (Class 10 ICSE project)

Planning a home budget (Math project) for Class X students

What is a Budget?

A budget is a list of all planned expenses and revenues. It is a plan for savings and expenditures (spending). A budget is an important concept in microeconomics, which uses a budget to illustrate the trade-offs between two or more goods. In other words, a budget is a plan stated in monetary terms.

In summary, the purpose of a budget is to “provide a forecast of revenues and expenditures that construct a model of how our business might perform financially if certain strategies, events and plans are carried out.

Common Types of Budget

• Sales budget: Estimate of future sales, often broken down into both units and dollars. It is used to create company sales goals.
• Production budget: Product oriented companies create a production budget which estimates the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including about and material.
• Cash flow budget: The cash flow budget is a prediction of future cash receipts and expenditures during a particular time period, usually in the short term future. It helps a company determine if the income will be enough to cover expenses or the company will need financing.
• Marketing budget: the marketing budget is an estimate of funds needed for promotion, advertising and public relations in order to market the product or service.
• Project budget: the project budget is a prediction of the costs associated with a particular company project. These costs include labour, material and other relative expenses. The project budget is often broken down into specific tasks and budgets are assigned to each task.
• Revenue budget: It consists of receipts of government and the expenditures on these; it usually consists of taxes and other duties that the government levies.
• Expenditure budget: A budget type which includes all spending data items.

What is a Personal Budget

A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget.

Project:

Ask your parents how they prepare the monthly budget of your family, or else you prepare a budget for your family. Separately mention how much share of the budget is spent on your needs and for what purpose. Also separately show what are your expenses which can be curtailed down so as to reduce your share in the budget.

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