03 May DESCRIBE AND DISCUSS THE APPARENT DIFFERENCES BETWEEN GOVERNMENT AND BUSINESS BUDGET MAKING.
Describe and discuss the apparent differences between government and business budget making. Are there any similarities in their profit motives? Provide at least two examples to support your perspective.
A business budget making is more to grow profits and spend less on liability the less a business can spend is good for the business but on the other hand a government budget is not made on profits but in the social classes/ growth of the community or state. In business, very much a merit-based enterprise, ones employment is continued so long as he or she maintains sufficient production. A government is an entity that exists to govern and represent collectively a society or a country and all its avenues. Governments strive to fulfill the needs of all of its members and to provide a sense of wholeness and a national identity to a particular country or people. A government budget is made with the idea of the need of the people as a safe net. A business is looking for the low cost high return. The goal of a business is to earn a profit in the provision of goods and services. Governments have no money; they have only what they take from their citizens, either in taxes or by inflation. Business and government are not opposites, but they are distinct; the mindset is necessarily different; the understandings are different; the obligations are different. All businesses are under the governments control. The government provides the business an opportunity and legality to earn profits in return for taxes. Government laws regarding trade, operations, and transactions are implemented and incorporated in many business laws. A certain corporation or business must adhere to the existing government rules and standards aside from their own business practices and concerns. A governments head or leader is elected depending on the nature or form of government in a society, which is usually stated in the nations Constitution. The head of a business is traditionally the owner or entrepreneur, unless another body dismisses the owner for various reasons.
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