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Chapter 3 and 4

Household Budgeting

TermDefinition
Budget is a plan of our expected income and expenditure.
Budgeting is the process of matching our expected income with our expected expenditure.
Net cash is total income minus total expenditure.
Unbranded Goods that are not made by a well-known manufacturer
Budget Surplus When our expected income is greater than our expected expenditure
Budget deficit when our expected income is less than our expected expenditure
Opening Cash The money we have at the beginning of the month. It is the money from the previous months that we did not spend.
Closing Cash The money we have left over after a months budget.
Created by: jdunnestmarks
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