What is meant by a balanced budget? A. inflows are greater than outflows

B. inflows are less than outflows

C. inflows are equal to income

D. inflows are greater than or equal to outflows.

D.inflows are greater than or equal to outflows.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

A balanced budget is a type of budget in which inflows are greater than or equal to outflows. Thus, when cash inflows (income) is greater than or equal to cash outflows (expenses), a budget is said to be balanced.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be integrated or infused into the budget.

This ultimately implies that, before preparing a budget, it is of utmost importance to know total income (inflows) and expenses (outflows).

The final step to be made by the management of an organization in the financial decision-making process is to make necessary adjustments to the budget.

In conclusion, the benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies. It is typically used by individuals, government, organizations or companies due to the fact that, it's tied directly to the strategy and tactics of a company on an annual basis. Also, it is used to set a budget for marketing efforts while anticipating on informations about the company.

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