Recording Household income and expenditure

An analysed cash book is used to record all money received and all money spent.

• True

• False

Debit is

• Money received

• Money spent

Credit is

• Money received

• Money spent

Fixed expenditure means that the same amount of money is spent on a regular basis.

• True

• False

Discretionary expenditure is spending on essential items.

• True

• False

What type of expenditure is rent?

• irregular

• fixed

• discretionary

What type of expenditure is a holiday?

• fixed

• irregular

• discretionary

What type of expenditure is Groceries?

• fixed

• irregular

• discretionary