Budgeting - Key Terms

The amount of money held in a bank account is called what?

• Balance

• Cash

• Income

• Expense

A budget is an estimate of (a)   and expenditure for a set period of time

The cost incurred for something is?

• an expense

• a debt

• a loan

• a rip-off

Money received, usually as payment for working.

• Income

• Salary

• Pocket money

• Donation

Someone who makes well-informed decisions about how to use and manage money is said to be?

• An impulse buyer

• A money manager

• Financially literate

• Cautious

What does a 'cash budget' list?

• All expected surpluses and deficits for a given period of time

• All expected income and expenses for a given period of time

• All expected interest and income for a given period of time

• All expected fixed and variable expenses for a given period of time,

A (a)   is when your income is greater than your expenses.

A (a)   is when more money is spent than is coming in.

Which of the following would NOT be helpful in maximising your potential income?

• doing additional odd jobs

• working more hours

• getting a promotion

• getting sacked from your job

Which of the following would NOT be helpful for someone wanting to take more control over their financial decisions?

• buying on impulse

• shopping around for the best deal

• regularly saving a proportion of your income

• carefully weighing up purchases