Managing Business and Household Finance (LC 2026) (Leaving Cert Business): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Household Budget definition
Household Budget definition
Plan of expected income & expenses for family/individual
Cashflow Forecast definition
Cashflow Forecast definition
Plan showing expected cash inflows & outflows for business
How to calculate Net Cash
How to calculate Net Cash
Receipts minus Payments
How to calculate Closing Cash
How to calculate Closing Cash
Net Cash plus Opening Cash
Opening Cash meaning
Opening Cash meaning
Cash available at start of a month
What Receipts include
What Receipts include
Cash & credit sales, rental income, other money
Deficit definition
Deficit definition
When income is lower than expenditure
Why prepare cashflow forecast - finance?
Why prepare cashflow forecast - finance?
To access finance/secure loans/attract investment
Why prepare household budget - spending?
Why prepare household budget - spending?
To track spending on essentials vs non-essentials
Way to deal with deficit - income?
Way to deal with deficit - income?
Raise income (ask for raise, increase product costs)