Help me explain each and give example (english/tagalog)

Budgeting

• Budgets are quantitative expressions of plans set by the management for a specific period.
• Budgeting has a crucial role in planning an controlling, and when it is done properly, it can greatly contribute to the success of the company.
• Budgeting is a planning tool used to translate in quantitative terms all the plans of the company.

Budget Plan

• A budget plan is essential to the realization of the plans of the organization. This summarizes the cost required for the resources or inputs needed to implement plans, programs, and activities. These inputs include human labor and skills, equipment, facilities, supplies, and raw materials.
• A budget plan consists of two parts. These are direct costs and indirect costs. Direct costs are expenses directly related to the project or activity. Indirect costs are costs that are not directly related to a project or activity that are needed for the smooth flow of operations of the business.

The specific costs to be estimated in a budget plan are the following:

1. Operational costs- these are the direct costs of doing the actual work, activity, or project. Examples are the suppliers or raw materials needed in the production of a good.

2. Organizational costs- these are indirect costs that refer to activities that support operational plans, like the maintenance of the office workspace, the plant or manufacturing area, and utilities such as telephone, and electricity. These also include the costs of the people who perform functional tasks that are unrelated to the production of goods.

3. Staffing costs- these are also called labor costs and refer to the wages or salaries of people who perform the actual work.

4. Capital costs- these are fixed, one-time costs for large investments such as heavy equipment, facilities, land, and buildings.