Planning Expenditure Flashcards
1
Q
Give reasons for managing finance
A
Avoid going into debt
Control costs(how much you spend)
Avoid legal action
Manage/save money for purchases
2
Q
What are the two types of burrowing
A
Authorised - arranged loans (cheaper
Unauthorised - Unarranged loans(not cheap)
3
Q
What is a budget plan
A
A plan that lays out how your money is put to use
4
Q
Define expenditure
A
Money spent
5
Q
What are the outcomes of a business facing legal outcomes
A
Bankruptcy
Repossession of assets (Taking back assets)
Low credit score
6
Q
What is the best form of finance when it comes to managing money
A
Personal savings
7
Q
What are the other forms of finance when it comes to managing money
A
Overdrafts
Bank loan
Credit card
