Final answer:
The budget cycle for an organization that typically spans a year is called a fiscal budget. It includes planning for expected revenues and expenditures, and for the U.S. federal government, it runs from October 1 to September 30. The President's proposed budget is often adjusted as part of a contentious process involving Congress.
Step-by-step explanation:
The term used for the budget cycle for an organization that typically spans a year is a fiscal budget. This type of budget is planned through a financial planning process, which in the context of the federal government of the United States, involves the President consulting with various agencies to determine the allocation of funds for the upcoming fiscal year. A fiscal year in the U.S. begins on October 1 and ends on September 30 of the following year. This budget process is crucial as it must also account for projected revenues, which can include any potential surplus from taxes.
Every level of government - federal, state, and local - prepares a budget that indicates expected revenues from taxes and other sources, as well as planned expenditures. However, these budgets can change significantly over time due to policy decisions and unexpected events that can disrupt previous tax and spending plans. It's important to note that while the President submits a proposed budget, the actual process can be quite contentious as it includes discussions and adjustments by Congress.