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Types of budgeting depend on the use of the budget which could either be personal or business budgets. Business and Personal Budgets. Budgeting is simply the creation of a plan to properly manage money. A budget usually covers a period of time; for instance, a one-year or five-year budget plan.
The Basic Framework of Budgeting A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period.1. The act of preparing a budget is calledThe act of preparing a budget is called budgeting .2.