Budgets and Statements of Income and Expenditure (Grade 11 NSC Matric Mathematical Literacy): Quizzes
📚Quizzes
Practise the questions
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Practise the questions
10 questions from this quiz
What is a budget?
What is a budget?
A financial plan showing predicted amounts
What is the key difference between budgets and statements of income and expenditure?
What is the key difference between budgets and statements of income and expenditure?
Budgets show future predictions, statements show past reality
What is a main purpose of income and expenditure statements?
What is a main purpose of income and expenditure statements?
To provide a historical record of actual finances
How is net income calculated?
How is net income calculated?
Budgets are used for planning, whilst statements are used for what?
Budgets are used for planning, whilst statements are used for what?
Reporting results
Which is a purpose of budgets?
Which is a purpose of budgets?
Provide targets to work towards
Income rose by R2,000 but expenses rose by R2,180. What happened to profit?
Income rose by R2,000 but expenses rose by R2,180. What happened to profit?
Profit decreased by R180
What comparison columns typically appear in budget documents?
What comparison columns typically appear in budget documents?
Previous actual, current budget, current actual
What is a common exam mistake to avoid when analysing financial documents?
What is a common exam mistake to avoid when analysing financial documents?
Confusing income with expenses
What do statements of income and expenditure show?
What do statements of income and expenditure show?
Real amounts that were earned and spent