Final answer:
A budget is the legal authorization for the government to make expenditures for specific purposes. It consists of receipts (anticipated revenue) and expenditures (expected spending).
Step-by-step explanation:
When enacted by law, a budget is the legal authorization for the government to make expenditures for specific purposes. The budget is a statement of the president's policy goals and priorities for the next fiscal year. It consists of two main parts: receipts, which are the amounts anticipated in taxes and other revenue sources, and expenditures (outlays), which are what the federal government expects to spend.