Name two ways households can reduce their expenditure.
Shop around for better deals, plan meals, reduce energy use, avoid impulse buying.
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15
Give two examples of benefit-in-kind.
company car/ free meals /gym /health benefits.
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20
What is closing cash?
Closing cash is the amount of money a household (or business) has left at the end of a period — for example, at the end of the week or month.
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20
Give one example of an opening balance in a cash book.
Money already in the household bank account at the start of the month.
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25
What does it mean if a household has a budget surplus?
Income is greater than expenditure.
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seesaw
Swap points!
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shark
Other team loses 25 points!
Okay!
fairy
Take points!
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25
thief
Give points!
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10
What does DR stand for
Debit
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15
What is the difference between regular and irregular income
Regular income is received on a set schedule (e.g., weekly wages), while irregular income is received occasionally or unpredictably (e.g., gifts or bonuses).
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20
Name two services offered by financial institutions.
Saving accounts, loans, debit/credit cards, direct debits, insurance, online banking.
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thief
Give points!
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25
magnet
Take 20 points!
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fairy
Take points!
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banana
Go to last place!
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25
What should a household do if it has a budget deficit?
Expenditure is greater than income.
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20
If someone earns €600 per week gross and pays €120 in deductions, what is their net income?
€480
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15
What is the purpose of a household budget?
To plan income and expenditure so that spending doesn’t exceed income.
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boom
Lose 50 points!
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gold
Win 50 points!
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rocket
Go to first place!
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lifesaver
Give 10 points!
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20
If total income is €2,000 and total expenditure is €2,150, what is the budget outcome?
