Financial Literacy Flashcards

1

Surplus means less money is/will be spent that budgeted

2

Which statement about budget is correct?

3

5% of budget is the calculated threshold for performance

4

Purchasing Policy requires 3 quotes for

5

Actual amounts are made up of

6

Expected amounts are made up of

7

Deficits are created when you spend more than budgeted

8

We update expected at monthly Budget Update meetings

9

Actuals are updated monthly

10

Variance can be the difference between budget and actual

Financial Literacy