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Expenditure
Business studies
| Question | Answer |
|---|---|
| What is fixed expenditure | This is spending the same amount of money and on the same date with no changes |
| What is irregular expenditure | This is spending money the date and the amount of money changes |
| What is discretionary expenditure and give an example | This is spending money on things you don't need Eg holiday |
| What is an opportunity cost | This is when you want to buy 2 things. You have to make a decision. The thing you don't buy is the opportunity cost |
| What is current expenditure | This is when you spend money every week or month |
| What is capital expenditure | This is when you spend money now and again |
| Why do we prepare a budget | 1.To find out how much income and expenditure the family have 2. To make sure you don't spend more than you have ( avoid dept) 3.To find out if we can afford something |
| What is a budget defict | This is when your income is smaller than your expenditure Income<expenditure |
| What is a surplus | This is when your expenditure is smaller than your income Income>expenditure |
Created by:
Langan12
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