Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business: Budget
Budget
| Question | Answer |
|---|---|
| Budget | Is a plan of our expected income and expected expenditure over a particular period |
| Regular income | Income received every week/month e.g. pension, wages, social welfare payments |
| Irregular income | income received now and again e.g. overtime, lotto win |
| Benefit in kind | non-cash form of income e.g. company car, free flights for a pilot |
| Fixed Expenditure | payments that do not change according to your use e.g. TV licence |
| Irregular Expenditure | payments that do change according to use e.g. electricity bill |
| Discretionary Expenditure | money spent after necessities have been bought |
| Impulse buying | purchases made on the spur of the moment, without planning |
| Opportunity cost | that good which you go without as a result of choosing another good |
| How to reduce a budget deficit | -Increase income by working overtime - Decrease expenditure, particularly discretionary |
| Net Cash | Planned Income - Planned Expenditure |
| Closing Cash | Net cash + Opening cash |
Created by:
macariericaxx
Popular Business sets