Final answer:
A budget is correctly described as a statement of a corporation's or government's programs in dollars, detailing planned revenues and expenditures.
Budgets serve to guide financial planning and priorities, which is necessary for both governments and individuals. Government budgets, in particular, can change based on policy and external events.
Step-by-step explanation:
The statement that a budget is a statement of a corporation's programs in terms of dollars is True. A budget essentially maps out a corporation's or government's financial and strategic plans by detailing expected revenues and expenditures.
In the context of the federal government, the budget sets forth the president's policy goals and priorities for the upcoming fiscal year, containing both anticipated revenue from taxes and other sources, and expected spending on various programs and services.
Budgeting serves a critical purpose not only in governmental organizations but also for individuals.
It helps in making informed decisions based on one's income and expenses. In practice, Americans budget by summarizing their financial inflows and outflows to plan for both short-term expenditures and long-term goals.
It's important to note that while the President proposes a budget, the actual budgeting process can be contentious, reflecting the complex dynamics between different branches of government and the economic realities.
All levels of government, whether federal, state, or local, prepare budgets to manage their finances, and these budgets can see significant shifts due to policy decisions or unforeseen events affecting tax and spending plans.