An estimation of revenue and expenses over a specified period of time is known as a budget. True False

This statement is True.

A budget is a financial plan that estimates revenue and expenses over a specified period, typically reflecting predictions for the future based on past performance, current conditions, and future expectations. It serves as a guide for managing finances in both personal and business contexts. The primary function of a budget is to ensure that expenditures do not exceed income, thus providing a framework for financial stability and planning. Budgets can also help prioritize spending, allocate resources efficiently, and identify areas where savings can be made. By continuously tracking actual performance against the budget, individuals and organizations can make informed financial decisions and adjustments as needed.