What is the term for an itemized list of income and expected expenditures for a specific period?

A budget is an organized plan that outlines an itemized list of income and anticipated expenditures for a specific period. It serves as a financial roadmap, allowing individuals or organizations to allocate resources effectively, track financial performance, and make informed decisions about spending and saving. Budgets help in planning for future financial needs and in ensuring that both income and expenses are carefully monitored to achieve desired financial goals.

In contrast, an expense report typically details incurred costs and is often used for reimbursement purposes, rather than providing a forward-looking financial plan. A financial statement, while important for assessing financial health, encompasses a summary of an entity's financial activities over a period, including income, expenses, and net worth, rather than a specific budgetary plan. A projection might refer to estimates of future financial outcomes based on various assumptions but does not itself constitute an organized plan for income and expenditures.