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Budgets
| Question | Answer |
|---|---|
| How do I calculate net Cash? | total income - total expenditure |
| what is a budget surplus? | when your closing cash is positive. you have money left over. |
| is a budget deficit good or bad? | bad- it is when you spend more money then you have. |
| what are budgets used for? | -plan for saving, - to record income and expenditure, - helps to prioritise needs and wants. |
| what are the three types of expenditure? | fixed, irregular & discretionary |
| explain the three types of expenditure. | irregular- varies in amounts depending on usage eg light and heat bills. fixed- a set amount paid on a set date eg mortgage or rent payment. discretionary- used for peoples needs and wants eg holidays, presents. |
| what is income? | money coming into a household. |
| name 3 types of income. | wages, salaries, pension, child benefit, job seekers' benefit, interest, windfall |
Created by:
keelin.
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