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Chapter 3 - Budgets
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What can a household do to fix a deficit?
Reduce spending or increase income.
Name the three types of expenditure in a budget.
Fixed, Irregular, Discretionary.
What is a budget surplus?
When income is greater than expenditure.
What is a budget deficit?
When expenditure is greater than income.
If opening cash €100 and net cash €50 → closing cash = ?
€150
Formula for closing cash?
Opening Cash + Net Cash
Define closing cash.
Money left at the end of the period.
Define opening cash.
Money at start of the period.
If expenditure > income, what does this show?
A deficit.
If income €2,500, expenditure €2,000 → net cash = ?.
€500 surplus
What does net cash mean?
Difference between income and expenditure.
Who uses budgets?
Individuals, households, and governments.
Give one benefit of budgeting.
Helps avoid overspending.
What two main elements make up a budget?
Income and Expenditure
What is a budget?
A financial plan showing expected income and spending.
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