The Difference Between a Budget and an Account (Junior Cert Business Studies): Flashcards

Record of actual income & expenditure for a given period

Systematically recording income & expenditure as it happens

Budget looks forward; account looks back

Financial event where money moves in or out

Physical money - notes and coins

Electronic movement of money in/out of bank account

Physical money you have on hand

Electronic money held by your bank

Planned income & expenditure

Actual income & expenditure

See where money really goes, compare with budget & make better decisions

Building blocks of accounts