Budgets and Statements of Income and Expenditure (Grade 11 NSC Matric Mathematical Literacy): Flashcards

Financial plan showing predicted income & expenditure

Future-focused (predicted amounts)

Shows actual financial results for a past period

Past-focused (actual amounts)

Timing: budgets = future predictions, statements = past reality

Planning tool to decide how to spend money wisely

Historical record documenting what actually occurred

$\text{Net Income} = \text{Total Income} - \text{Total Expenses}$

Estimated or expected amounts

Real or actual amounts