Financial Documents and Tariff Systems (Grade 11 NSC Matric Mathematical Literacy): Flashcards
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Budget definition
Budget definition
Financial plan showing predicted income & expenditure
Time focus of budgets
Time focus of budgets
Future-focused (predicted amounts)
Statement of income & expenditure definition
Statement of income & expenditure definition
Shows actual financial results for a past period
Time focus of income & expenditure statements
Time focus of income & expenditure statements
Past-focused (actual amounts)
Key difference: budgets vs statements
Key difference: budgets vs statements
Timing: budgets = future predictions, statements = past reality
Main purpose of budgets
Main purpose of budgets
Planning tool to decide how to spend money wisely
Main purpose of income & expenditure statements
Main purpose of income & expenditure statements
Historical record documenting what actually occurred
Net income formula
Net income formula
Type of figures in budgets
Type of figures in budgets
Estimated or expected amounts
Type of figures in statements
Type of figures in statements
Real or actual amounts