Final answer:
A moving 12-month budget is known as a continuous budget. It is updated throughout the year, reflecting changes in financial conditions, and helping in better financial planning. Budgets are critical in personal finance, business strategy, and government financial management.
Step-by-step explanation:
A moving 12-month budget is referred to as a continuous budget. This type of budget is dynamic, as it continuously updates throughout the year, adding a new month to the end of the budget as the current month concludes. This approach to budgeting allows organizations to plan more accurately for the near future, responding to changes in the business environment, income, and expenses on an ongoing basis. Budgeting is a critical part of both personal finance and business strategy. It involves the planning of income and expenditure and enables individuals and entities to make informed decisions about their financial activities. A budget serves as a financial plan that guides spending and saving, based on one's financial goals and expected costs. It can help identify wasteful expenditures and thus, can be a tool for achieving financial security and success.
The practice of financial planning extends to the highest levels of government, where it can determine the economic stability and priorities of a nation. In the case of the United States, a fiscal budget is prepared annually, starting from October 1 to September 30 of the following year, and this process is overseen by the President, the Office of Management and Budget (OMB), various agencies, and advisors.