Chapter 3 - Household Budgeting Flashcards
1
Q
Budget
A
A plan of our expected income and expected expenditure
2
Q
Budgeting
A
The process of matching our expected income with our expected expenditure
3
Q
Net cash
A
Total income — total expenditure
4
Q
Unbranded
A
Goods that are not made by a well known manufacturer
5
Q
Budget surplus
A
When our expected income is greater than our expected expenditure
6
Q
Budget deficit
A
When our expected income is less then our expected expenditure
