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a) What is the meaning of a budget?
b) What is the importance of making a budget?

Answer Text:
a) What is the meaning of a budget?
A budget is a list of items, their estimated cost and the total cost.

b) What is the importance of making a budget?
1. Making an estimate of how much money to spend.
2. Remembering all the items that are needed.
3. Spending money wisely.
4. Saving money.
5. Achieving a goal.
6. Avoiding getting worried.
7. Being ready to change an item because of the price or its availability.
8. Making good decisions.
9. Living within the money you have.
10. Accounting for expenses.