A government budget is a legal document that is often passed by the legislature, and approved by the chief executive. For example, only certain types of revenue may be imposed and collected. Property tax is frequently the basis for local revenues, while sales tax may be the basis for state revenues, and income tax and corporate tax are the basis for national revenues. Budget generally refers to a list of all planned expenses and revenues. ... A legislature is a governmental deliberative assembly with the power to adopt laws. ... Chief Executive may refer to: Chief Executive of Hong Kong Chief Executive of Macau Chief Executive Officer This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... // Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the thing taxed. ... A sales tax is a tax on consumption. ... An income tax is a tax levied on the financial income of persons or corporations. ... Corporate tax refers to direct taxes charged by various jurisdictions on the profits made by companies or associations. ...

The two basic elements of a budget are the revenues and expenses. Budgets have an economic, political and technical basis. Unlike a pure economic budget, they are not entirely designed to allocate scarce resources for the best economic use. They also have a political basis wherein different interests push and pull in an attempt to obtain benefits and avoid burdens. The technical element is the forecast of the likely levels of revenues and expenses. In business, revenue is the amount of money that a company actually receives from its activities, mostly from sales of products and/or services to customers. ... In accounting, an expense is a general term for an outgoing payment made by a business or individual. ...