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Budgeting is a process or a set of activities in which an organization goes about building its budget. Budgeting helps you determine how you are going to spend your money, thus achieve your financial goals both in long-term as well as short-term.

Budgeting includes budget management, which means analyzing and organizing the expenditure for a business to run.

Types of Budget

There are different types of budget depending on the market, such as:

1. Sales budget

2. Production budget

3. Financial budget

4. Personnel budget

5. Master budget and so on.

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