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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
Created by: Niamh_Harte_