Explain the functions of budget.

Budgets serve as financial blueprints for individuals, businesses, organizations, and governments, outlining anticipated income and planned expenditures over a specified period. The functions of a budget are multi-fold and encompass various aspects of financial management and decision-making.

1. Planning: Budgets serve as a proactive tool for planning future financial activities. By estimating income and allocating funds to different categories such as expenses, investments, and savings, individuals and organizations can set clear financial goals and priorities.

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