Budgets Flashcards
1
Q
Define “budget”.
A
A written plan on how to spend future income.
2
Q
What is a personal budget?
A
A budget that an individual draws up to plan how to spend their personal income.
3
Q
What is a household budget?
A
A budget that a family draws up to keep track of their finances and how to spend combined income.
4
Q
What is a business budget?
A
A budget that a business uses to control how the money will be spent.
