Which statement is incorrect with regards to a budget?

Points: 1

1. A budget is a financial statement that measures a person's income and expenses allowing you to see where your money is going.
2. Budgeting helps determine if your income will be sufficient to cover your expenses.
3. By detecting forecasting errors, you can take steps to improve your budgeting.
4. A budget is a forecast of income and expenses for a future time period.