Budgeting

Question 1

Annually

Answer 1

Something that you pay once a year. To make it weekly you divide by 52

Question 2

Balance

Answer 2

This is the total of spending plus saving or income plus borrowing

Question 3

Borrowing

Answer 3

Get money from an outside source such as the bank because you do not have enough income to pay all of your expenses

Question 4

Budget

Answer 4

A plan of income and expenditure for a certain period

Question 5

Expenditure

Answer 5

This is another name for spending. It means the amount you use to purchase goods and services.

Question 6

Expense

Answer 6

A cost that you have to enable you to pay for things to survive

Question 7

Fixed Expenses

Answer 7

Cost that you must pay and cannot change

Question 8

Monthly

Answer 8

An expense that is paid every month. To make it weekly you multiply by 12 and divide by 52

Question 9

Quarterly

Answer 9

An expense that is paid every quarter of a year i.e. every 3 months. To make it weekly you multiply by 4 and divide by 52

Question 10

Surplus

Answer 10

Money left over after all expenses have been paid

Question 11

Variable

Answer 11

Costs which change from one week to another