Q:
What are the major components of a budget?
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Quick Answer
The two main components of any budget are income and expenses. Other components of a budget include overhead, production, totals and projections. Income is the total revenue that comes in, while expenses are the total amounts of money spent.
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Full Answer
In a business, overhead and production includes such things as materials, machines, labor and extra energy spent making products or providing services. The totals feature of a budget shows how good or bad a business is doing from month to month and year to year. The projection component of a budget gives an idea of how a company might do by the end of the year if it continues on its current path.
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