Which of the following best describes a budget?

A budget is best described as a plan for managing income and expenses. This definition encompasses the overall purpose of a budget, which is to allocate financial resources in a way that ensures expenses do not exceed income, helping individuals and families to meet their financial goals and obligations.

A budget typically includes all sources of income and outlines various categories of expenses, such as housing, transportation, food, and entertainment. By planning in this way, individuals can make informed decisions about their spending, savings, and investments.

The other options do not fully capture the comprehensive nature of a budget. For instance, merely listing expenses does not account for income or the goal-setting aspect central to budgeting. Similarly, summarizing total assets owned or recording credit card transactions pertains to financial tracking but does not involve the proactive management and planning that a budget requires.