Budget

High school (ages 12+)
Mathematics & Numbers

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/budget

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the strategic alignment?Budgets translate organizational strategies and objectives into quantifiable financial targets and actions
2. What is the economic impact?Government budgets significantly influence national economies by directing public spending and taxation
3. Why do people make budgets?Budgets help people and governments decide where to put money, avoid spending too much, and reach goals like buying a toy or fixing a school.
4. How did budgets start in history?Long ago, ancient farmers and Roman leaders used simple lists to track taxes and food, and over time budgets became more detailed for businesses and countries.

Fiscal Year: A 12-month period used for accounting and budgeting purposes, not necessarily aligning with the calendar year.
Variance Analysis: The process of comparing actual financial results to budgeted amounts to identify and explain differences.
Capital Expenditure: Funds used by a company to acquire, upgrade, and maintain physical assets such as property, buildings, or equipment.
Accrual Accounting: A method of accounting where revenues are recorded when earned and expenses when incurred, regardless of when cash is exchanged.