We are learning about budgeting and its importance, so I have chosen to do a Budgeting language dictionary and explain what each term is and how it relates to budgeting.
Budget: An estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budget means how much money you have and how much you are able to spend
Surplus: An amount of something left over when requirements have been met, an excess of production or supply. If someone had $100 then spent $30 they would have $70 left, that $70 would be your surplus.
Income: Income is money (or some equivalent value) that an individual or business receives, usually in exchange for providing a good or service or through investing capital. Income is the amount of money you make.
Exchange: An act of giving one thing and receiving another (especially of the same kind) in return. Exchange basically means buying/trading something of equal value.
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