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Budget

QuestionAnswer
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: barthola
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