What is the main goal in creating the federal budget?

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20-04-2016
Business

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What is the main goal in creating the federal budget?

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ahmedishaal ahmedishaal · Answer 1 · 2018-10-15T10:03:31+02:00

The answer is "to decide how to manage the government’s tax revenue and expenditures".

The federal budget is utilized to back an assortment of bureaucratic costs, which go from paying administrative workers, to scattering farming appropriations, to paying for U.S. military gear. Spending plans are ascertained on a yearly premise, with a monetary year starting on Oct. 1 and closure on Sept. 30 of the consequent year, or, in other words for which the budget is named.

Ritushar Ritushar · Answer 2 · 2019-08-22T10:16:23+02:00

The main objective of the federal budget is to manage and plan future financial activities (earning and spending) of the country.

Further Explanation:

Federal budget: Budget is the estimation of the future financial inflows and outflows of an entity. The federal budget is prepared by the government of the country. It is the estimation of the government’s spending and earning for a specific year. The earning of the government includes taxes such as income tax, customs duty, sin taxes, corporate tax, and other taxes. The major category of government spending is Medicare, social security, military spending, non-defense discretionary spending, and interest on the loans. So the federal budget in the future estimation of a country’s earning (Taxes) and spending (Public welfare services).

The main goal behind the creation of the federal budget:

The main goal behind the creation of the federal budget is to manage the government’s spending and revenue.

The government of the country can make an estimate regarding the expenditure of the future year, and if there is a need to additional revenue, then the government may impose additional taxes to earn the revenue for the providing enough public welfare services. The federal budget can work as a blueprint for government activities next year. The government would work to achieve the objectives stated in the federal budget.

Thus, the main objective of the federal budget is to manage and plan future financial activities (earning and spending) of the country.

Learn more:

1. Learn more about federal reserve bank

https://brainly.com/question/9417688

2. Learn more about the planning of resources and expenses

https://brainly.com/question/1890422

3. Learn more about the inflation

https://brainly.com/question/3370347

Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Budgeting

Keywords: Future estimation, budgeted period, budgeting, budget, revenue, expenditure, the goal of creating the budget, the goal of creating the federal budget, aim, objective, what is, the main, goal.