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Chapter 3 and 4
Household Budgeting
Term | Definition |
---|---|
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. |