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Budgets
| Term | Definition |
|---|---|
| What is a surplus? | When the planned income for a particular month is more than planned expenditure for that month. |
| What is net cash? | The difference between total planned income and total planned expenditure. |
| What is a budget? | A planned record of income and expenditure |
| What is a deficit? | When planned expenditure for a particular month is more than planned income for that month. |
| What is opening cash? | The amount of money a family plans to have at the start of a month. |
| What is Closing cash? | The planned net cash plus the planned opening cash. |
| Why should we budget? | It helps us make sure we have enough money to pay for important things like bills |