A budget (from old French bougette, purse) is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending.

A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.

In summary, the purpose of budgeting is to:

Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:

The process of calculating the costs of starting a small business begins with a list of all necessary purchases including tangible assets (for example, equipment, inventory) and services (for example, remodeling, insurance), working capital, sources and collateral. The budget should contain a narrative explaining how you decided on the amount of this reserve and a description of the expected financial results of business activities. The assets should be valued with each and every cost. All other expenses are like labour factory overhead all freshmen expenses are also included into business budgeting.

William Richard "Bill" Shorten (born 12 May 1967) is an Australian politician, the Member for Maribyrnong in the Australian Parliament, Minister for Employment and Workplace Relations, and Minister for Financial Services and Superannuation. He was Assistant Treasurer in the first Gillard Ministry and the Parliamentary Secretary for Disability and Children's Services in the Rudd/Gillard Government 2007–2010. He is a former Victorian State President of the Australian Labor Party, a long-time member of the right-wing Labor Unity faction, and a former Secretary of the Australian Workers' Union (AWU).

Bill Shorten was born in Melbourne, where his father was a waterside worker and union official. His mother was a lawyer and university academic. He was educated at Xavier College (a Roman Catholic school) and Monash University, where he graduated in arts and law. During his time at Monash, Shorten was a founding member of Young Labor Network, a right wing Labor youth caucus. He also holds an MBA from the Melbourne Business School, an unusual qualification for a trade union official.

Joseph Benedict "Joe" Hockey (born 2 August 1965), is an Australian politician and member of the Australian House of Representatives, representing the Division of North Sydney for the Liberal Party of Australia since 1996.

Hockey was a Minister in the Howard Government and is currently the Shadow Treasurer under Opposition Leader Tony Abbott in the Liberal/National Coalition.

Hockey was born in North Sydney as the youngest of four children. His father, Richard Hockey was born in Bethlehem (then in the British Mandate of Palestine) and migrated to Australia in 1948. Hockey is of Armenian and Palestinian background and the family name was originally Hokeidonian. Hockey attended St Aloysius' College in Milson's Point and the University of Sydney, residing at St John's College, where he graduated with degrees in Arts and Law. While at university he was President of the Student Representative Council. He was a banking and finance lawyer, and Director of Policy to the Premier of New South Wales, before entering politics.

Anthony John "Tony" Abbott (born 4 November 1957) is the Leader of the Opposition in the Australian House of Representatives and federal leader of the centre-right Liberal Party of Australia. Abbott has represented the seat of Warringah since the 1994 by-election.

Prior to entering the Australian Parliament, Abbott studied for a Bachelor of Economics and a Bachelor of Laws at Sydney University and for a Master of Arts as a Rhodes Scholar at Oxford University. He later trained as a seminarian and worked as a journalist, business manager, political advisor and Executive Director of Australians for Constitutional Monarchy. Abbott has also been an author, ultramarathon runner and member of the New South Wales Rural Fire Service.

Abbott served in the Howard Government as Parliamentary Secretary to the Minister for Employment, Education, Training and Youth Affairs from 1996-1998 and Minister for Employment Services from 1998-2001. He joined the Howard Cabinet in 2001 as Minister for Employment, Workplace Relations and Small Business. Following the 2001 Election, he took on the additional roles of Leader of the House of Representatives and Minister Assisting the Prime Minister for the Public Service. In 2003 he became Minister for Health and Ageing , retaining this position and his role as Leader of the House until the defeat of the Howard government at the 2007 federal election.