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Bus:Household Budget

chapter 3 in business studies book.

QuestionAnswer
Budget a statement of planned income and planned expenditure for a certain period.
Net Cash total income-total expenditure.
Surplus the amount that consumers benefit by being able to purchase a product for a price that is less than they would be willing to pay.
Deficit a budget deficit occurs when an entity spends more money than it takes in.
Closing Cash the amount of money you have at the end of the month.
Opening Cash the amount of money you have at the start of the month.
Un-branded goods that are not manufactured by a well known produced.
Planned Income the amount of money you think you are going to get in a month.
Planned Expenditure the amount of money you think you are going to spend in a month.
Created by: murphyspooks
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