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Budgeting Flashcards | StudBud
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Budgeting
Budgeting
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A business quiz to revise some key terms of budgeting
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
From the Lee family budget, identify their closing cash for April
€5,960
€5,780
€100
€2,190
2
From the Lee family budget, identify their opening cash for January
€100
€5,960
€2,190
€5,780
3
What is the equation for Closing Cash (at the end of the month)
Total Income + Total Expenditure
Net cash - opening cash
Total Income - Total Expenditure
Net cash + opening cash
4
What is a budget?
Your planned expenditure
Your planned income
Only used by the Government
A plan of income and expenditure
5
Which
one
of the following are examples of planned income (there are 2 correct answers)
Tax refund
Child Benefit
Bonus
Salary
6
What is the equation for Total Expenditure?
Fixed Expenditure + Discretionary Expenditure
Fixed Expenditure + Discretionary Expenditure + Irregular
Fixed Expenditure - Discretionary Expenditure
Fixed Expenditure + Irregular Expenditure - Income
7
Which of the following is an example of irregular expenditure (varies from month to month)
Rent
Car insurance
Phone bill
Electricity bill
8
Pick
one
reasons why people budget... (there are 2 correct answers!)
To plan spending & to have enough money for bills
To increase monthly wages
To identify more expensive months with big bills
To reduce the amount of tax you pay
9
Which of the following is an example of fixed expenditure (does not vary from month to month)
Holiday expenses
Electricity bill
Mortgage
Groceries
10
What is the equation for Net Cash?
Irregular Income - Regular Expenditure
Total Income + Total Expenditure
Total Income - Total Expenditure
Net cash + opening cash
