Final answer:
A budget is a plan that sets forth projected expenditure and explains where the required funds will come from. Government budgets show how much revenue the government expects to receive and how it plans to spend it. Individuals also need budgets to manage their income.
Step-by-step explanation:
A budget, according to Weston and Brigham, is "a plan which sets forth the projected expenditure for a certain activity and explains where the required funds will come from."
In the context of government budgets, they show how much revenue the government expects to receive in taxes and other income, and how the government plans to spend it. Budgets can shift dramatically within a few years due to policy decisions and unexpected events.
Individuals also need budgets to make decisions on what to do with their disposable income, allocating it to fixed expenses, consumption, or savings.