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The essential components of a budget are
1. Building and Infrastructure
2. Income and Expenditure
3. Policy and Programmes
4. Fees and Salary

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Correct Answer - Option 2 : Income and Expenditure

Budget:

  • It is a financial and/or quantitative statement, prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given object.
  • It is a tentative plan for acquiring and using resources over a specified period. Individuals often create household budgets that balance their income and expenditures for food, clothing, housing, and so on while providing for some savings. They compare their expenses with the budget.
  • According to Tayler, "Budget is a financial plan of government for a definite period".​
  • The essential components of a budget are:
    • Income: It includes all the sources through which money flows in.
    • Expenditure: It includes all the spending.
  • Based on these two the budget is decided.

Hence The essential components of a budget are Income and Expenditure.

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