Income means

Family income means

Whatever money we spend from the income for buying various things to fulfil our needs is called ______________

_____________ is the money set aside by the family for use in times of need.

A ________________ plan is a planned approach to spend money.

Keep in mind all the income and _______________ available to you for the period for which you are making the spending plan.

Allocate ______________ keeping in mind the total income. This will help in effective utilization of money and other resources.

A spending plan

Discourages ‘_____________ buying’ i.e. keeping away from buying what you really do not need at a particular time.

A budget is made flexible by allowing sufficient margin on certain items.

The expenditure estimate should be as accurate as possible

Budget is the process of allocating income among various uses.

_ Family goals affect the budget.

A budget forces you to decide what is more important than the other.

A budget can’t help in achieving long term goals

Budgeting helps in the management of your finance.

The main purpose of a budget is to allow you to live within your income.

Income of the family member does not influence the budget.

Making a budget helps in saving money

A ____________ is an estimation of revenue and expenses over a specified future period of time