BMT- Personal Budget

…………… is an estimation of revenue and expenses over a future period

• Budget

• Variance

• Feedback

• Actual

All the followings are examples of income except:

• Salary

• Bonus

• Allowance

• Car repayment

Mortgage is a ………

• Income

• Deficit

• Fixed expense

• Surplus

When your total income is BD 800 and your expense is BD 200, you will have …..……

• Deficit

• Variance

• Surplus

• Revenue

When you compare income to expenses, and you get a positive figure it means:

• Expenses > income

• Income> expenses

• Income = expenses

• Income < expenses

You can reduce expenses by:

• Work overtime

• Buy expensive items

• Evaluation

• Cut down expenses

When your budgeted groceries is BD120, actual groceries is BD100 the variance is:

• Actual

• Adverse

• Expense

• Favorable

Higher expenses than income is called:

• Deficit

• Surplus

• Variance

• Feedback

………. Is the difference between the budgeted and actual amount.

• Actual

• Budget

• Variance

• Favorable

When your budgeted income is BD700, actual income is BD750 the variance equals:

• 750

• 50

• 700

• (50)