Budget Flashcards
1
Q
Budgeting
A
The process of matching our expected income with our expected expenditure
2
Q
Net cash
A
Total income - total expenditure
3
Q
Opening cash
A
The money we have a the beginning of a month
4
Q
Closing cash
A
The money we have left over at the end of a month
5
Q
Budget surplus
A
When our expected income is greater than our expected expenditure
6
Q
Budget deficit
A
When our expected income is less than our expected expenditure
7
Q
Budget
A
A budget is a plan of our expected in come and expected expenditure for a particular period of time
