Preparing a Budget (Junior Cert Business Studies): Flashcards
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Practise the cards
14 cards from this deck
What a household budget shows
What a household budget shows
All income in & all expenditure out
Income in budgeting
Income in budgeting
Money coming into your home
Expenditure in budgeting
Expenditure in budgeting
Money going out of your home
Fixed expenditure
Fixed expenditure
Expenses that stay same each month & must be paid regularly
Irregular expenditure
Irregular expenditure
Essential expenses that vary in amount each month
Discretionary expenditure
Discretionary expenditure
Non-essential spending you choose to make
Example of fixed expenditure
Example of fixed expenditure
Mortgage payments, insurance premiums, loan repayments
Example of irregular expenditure
Example of irregular expenditure
Grocery bills, utility bills, transport costs
Example of discretionary expenditure
Example of discretionary expenditure
Entertainment, holidays, luxury purchases
Three categories of expenditure
Three categories of expenditure
Fixed, irregular, and discretionary
Total expenditure formula
Total expenditure formula
Fixed + irregular + discretionary expenditure
Net cash formula
Net cash formula
Total income - total expenditure
Closing cash formula
Closing cash formula
Opening cash + net cash
Order to plan expenditure
Order to plan expenditure
Fixed first, irregular second, discretionary last