Introduction to budgeting

A budget is a plan of how much the business will spend each month and how much it will earn.

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Budgeting is the process of setting targets covering the costs and revenues that a business expects.

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Targets are what you aim to achieve in running the business.

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We never pay attention to how much income or sales we will get

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We need to estimate what we think our costs will be.

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Total costs are not important.

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Total costs + Sales Revenue = Profit

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Revenue is the money you expect to get with your sales in your business.

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You liked this lesson a lot.

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