Final answer:
Budgets are statements that businesses prepare for a portion of a calendar or fiscal year. They outline estimated income and expenses and help businesses allocate resources and monitor financial performance.
Step-by-step explanation:
The statements that are usually prepared for a portion of a business's calendar or fiscal year are called budgets.
A budget is a financial plan that outlines the estimated income and expenses for a specific period of time. It helps businesses allocate resources, set financial goals, and monitor their financial performance.
For example, a business might create a budget for a quarter (three-month period) or for the entire calendar year. The budget would detail expected revenue (income) from sales and other sources, as well as projected expenses for operating costs, salaries, marketing, and other expenses.