Budgets

Question 1

Income

Answer 1

Money or something of value that you receive

Question 2

Expenditure

Answer 2

The amount of money spent during a particular period of time

Question 3

Household budget

Answer 3

A statement of estimated income and expenditure for a period of time

Question 4

Budget deficit

Answer 4

Planned income less than planned expenditure

Question 5

Budget surplus

Answer 5

Planned income greater than planned expenditure

Question 6

Regular income

Answer 6

It is certain that a individual or household will receive this income
Eg wages

Question 7

Irregular income

Answer 7

Not certain you will receive income eg Lotto win,inheritance

Question 8

Fixed expenditure

Answer 8

Money spent at the same time every week, month, and year and is fixed and does not depend on usage eg rent,to licence

Question 9

Irregular expenditure

Answer 9

The bill may or may not be paid at regular times but the amount paid changes depending on usage
Eg petrol,phone bill

Question 10

Discretionary expenditure

Answer 10

Money spent on thing you want rather than need eg holidays

Question 11

Why you should prepare a budget

Answer 11

To keep track of spending
To prioritise bills
To avoid impulse buying
To save

Question 12

Sources of income

Answer 12

Pocket money,wages,salary etc