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Chapter 04

Household Budgets

QuestionAnswer
Budget def Financial plan of expected income and expenditure
When income is greater than expenditure it’s called a … Budget surplus
When expenditure is greater than income it’s called a … Budget deficit
When both income and expenditure are equal it’s called a … Balanced budget
Three ways to deal with a budget surplus Save/invest until needed Use it to repay a loan Use to fund expenditure
Three ways to deal with a budget deficit Increase income Make changes to expenditure Borrowing
Steps to finding net & closing cash 1. Subtract total expenditure from total income for net cash 2. Add opening cash to net cash for closing cash 3. Closing cash for one month becomes opening cash for the next
Created by: TomDel123
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