Budgets Flashcards
1
Q
Budget
A
A budget is a plan of expected spending over a period of time
2
Q
Importance of budgets
A
- balance income + expenditure
- help to avoid unaffordable debt
- allow us to set money aside for a “rainy day”
3
Q
Income
A
Money, goods or services a household receives. It can be every week or month.
4
Q
Current expenditure
A
When the government spend money on day to day goods and services
5
Q
Capital expenditure
A
When the government spends money on goods and services that will be a benefit to our country in future years
