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Household Budgeting
Eurobusiness Chapter 3
Term | Definition |
---|---|
Budget | A plan of our expected income and expected 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 or expect to have at the beginning of the month. It is that part of our income from previous months that we did not spend. |
Closing cash | We add our opening cash to our net cash each month to get our closing cash. The closing cash each month is the opening cash for the next month. |