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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. |