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Preparing a budget

Flashcards to revise key terms for preparing a budget

QuestionAnswer
What is a budget? A plan that shows expected income and expenditure for a certain period of time
How do we find net cash? Total income- Total Expenditure
What is opening cash? Any money an individual or household has at the start of a given period.
How do we find closing cash? Net Cash + Opening Cash
What is total expenditure? Fixed Expenditure + Irregular Expenditure + Discretionary Expenditure
2 effects of a budget deficit? Not enough money to cover expenses/have to reduce their expenditure/may have to borrow money
How can you avoid a deficit? Work overtime/ cut discretionary spending/ shop around/ get a loan
Created by: 1077165775727212
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