Budgeting and Household Expenses (HSC SSCE Mathematics Standard): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
What are household bills?
What are household bills?
Regular costs for services & utilities to run your home
Name 3 types of household bills
Name 3 types of household bills
Electricity, gas, water, phone, internet, council rates
How often are household bills typically charged?
How often are household bills typically charged?
Monthly, quarterly, or annually
GST rate on services
GST rate on services
10%
What is a personal budget?
What is a personal budget?
Financial plan to manage money by balancing income & expenses
Formula for budget balance
Formula for budget balance
Positive budget balance means
Positive budget balance means
Surplus - saving money
Negative budget balance means
Negative budget balance means
Deficit - spending more than you earn
4 steps to create a budget
4 steps to create a budget
List income, list expenses, calculate totals, balance budget
5 key components on a bill
5 key components on a bill
Previous balance, new charges, due date, GST, total due