Final answer:
A budget is the detailed financial statement of predicted costs and outlines an individual's or organization's financial plan. It helps to manage income and expenses, ensuring that there are sufficient resources to cover the costs. It is also used by all levels of government to plan for both revenue and spending.
Step-by-step explanation:
The term that best defines a detailed financial statement of predicted costs for a business is d) Budget. A budget is a financial document used to project future income and expenses. The main purpose of creating a budget is to help individuals or organizations plan their finances by making informed decisions about spending and saving. Why budget? Because it allows for a clear overview of the money flow, ensuring there are enough resources to cover anticipated costs.
Budgets play a critical role not only in personal finance but also in the operations of governments at all levels including federal, state, and local governments. They show the anticipated revenue from taxes and other sources and detail how these funds are intended to be spent. Particularly, the federal government prepares a budget to outline the president's policy goals and priorities for the upcoming fiscal year, including both receipts and expenditures.