Question

What are the similarities and differences between personal and national budget practices?

Answer 1

Personal and national budget practices are similar in that they are meant to manage the money they make and the money they spend.They are different in that the government budget is huge with a lot of complicated expenses. For personal budgets, one only has to worry about housing, food, transportation, and a few other things.

Answer 2

The equation is the same financial plan that is detailed about the income and expenses generated within a certain period. The difference is in the scale and timeframe, where the personal budget is more for self-needs / small scale and the period is usually 1 month. As for the national budget, it covers a broader / large-scale area with a period of 1 year.

Further Explanation

The budget is the amount of money spent in a certain period to implement a program. There is no single company that has an unlimited budget, so the budgeting process becomes important in the planning process.

Budget preparation process

Broadly speaking, the budget preparation process is divided into two, namely from top to bottom (top-down) and from the bottom-up (bottom-up).

• Personal or household budget is a detailed summary of income and expenses generated within a certain period, often one month. The budget will show you how much money you will make for all expenses.
• The State Budget is the annual government financial plan approved by the House of Representatives. The state budget contains a systematic and detailed list of planned state revenues and expenditures for one fiscal year (1 January - 31 December). The state budget, changes in the state budget, and accountability of the state budget every year are determined by law.

Learn more

Definition of Budget https://brainly.com/question/10161789

Budget preparation process https://brainly.com/question/10161789

Definition of Personal or household budget https://brainly.com/question/10161789

Definition of The State Budget https://brainly.com/question/10161789

Details

Grade: High School

Subject: Social studies

keywords: Budget