Budgeting Word Scramble
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Question | Answer |
Income | The amount of money you earn. This can be through a job or through investments or other means |
Budget | This is a financial plan that shows the money you expect to receive, and the money you expect to pay out, over a specified time. It can also mean the amount of money you have allocated to spend on a specific purpose |
Budget Surplus | When income is greater than expenditure. |
Budget deficit | When expenditure is greater than income. |
Expenditure | Spening money on goods and services. |
Fixed income | The same amount of money comes into your account at regular intervals. |
Irregular income | A different amount of money that comes into your account at different times. |
Fixed expenditure | Spending the same amount of money at different intervals |
Irregular expenditure | Spending different amounts of money at different intervals |
Discretionary expenditure | Spending money on luxury items. This is unnessecary spending. |
Forecast | A forecast is an estimation or calculation of future costs, ie income or spending that has not yet happened, based on the best information available. |
Planned expenditure | Any expenditure that can be predicted. |
Unplanned expenditure | Any expenditure that is not predicted, such as costs for repairs or medical fees. |
Subtotal | The total spending in a budget category, such as irregular expenditure. |
Net cash | The amount of money left at the end of each budget period, such as per month. This is a positive figure if income is greater than expenditure, but negative (shown in brackets) if expenditure is greater then income. |
Opening cash/ balance | The money available at the start of the budget period. |
Closing cash/ balance | The money left at the end of the budget period. |
Created by:
moneysense
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