Flashcards to revise key terms for preparing a budget
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| What is a budget? | A plan that shows expected income and expenditure for a certain period of time
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| How do we find net cash? | Total income- Total Expenditure
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| What is opening cash? | Any money an individual or household has at the start of a given period.
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| How do we find closing cash? | Net Cash + Opening Cash
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| What is total expenditure? | Fixed Expenditure + Irregular Expenditure + Discretionary Expenditure
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| 2 effects of a budget deficit? | Not enough money to cover expenses/have to reduce their expenditure/may have to borrow money
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| How can you avoid a deficit? | Work overtime/ cut discretionary spending/ shop around/ get a loan
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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