The Purpose of Budgeting (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is a budget?
What is a budget?
A financial plan for future income & exp.
What is the main purpose of creating a budget?
What is the main purpose of creating a budget?
To identify problems before they occur
Which information does a well-prepared budget NOT reveal?
Which information does a well-prepared budget NOT reveal?
Your employer's financial status
How does budgeting create financial awareness?
How does budgeting create financial awareness?
By making you conscious of spending habits
How do budgets help prevent problems?
How do budgets help prevent problems?
They identify high expenditure months
How does budgeting reduce stress?
How does budgeting reduce stress?
By giving better control over money
Why is budgeting crucial?
Why is budgeting crucial?
Money has limited supply
What should young people do in the reliance stage (teens to early 20s)?
What should young people do in the reliance stage (teens to early 20s)?
Budget part-time work income & expenses
What characterises the independent stage (late teens to 20s)?
What characterises the independent stage (late teens to 20s)?
Living on a tight budget
What happens in the development stage (around 30s)?
What happens in the development stage (around 30s)?
More opportunity for discretionary spending
What happens in the retirement stage (60s+)?
What happens in the retirement stage (60s+)?
Income reduces to pension levels
What type of adjustments does early budget identification allow?
What type of adjustments does early budget identification allow?
Proactive adjustments