Budgets, Income, and Expenditure Statements (Grade 12 NSC Matric Mathematical Literacy): Flashcards
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Practise the cards
10 cards from this deck
Budget
Budget
A plan for using income to cover expenses
Income
Income
All the money you receive
Expenses
Expenses
All the money you spend
Fixed expenses
Fixed expenses
Amounts that do not change with time
Variable expenses
Variable expenses
Amounts that change over time according to situation
Occasional expenses
Occasional expenses
Costs that occur from time to time
Surplus in budgeting
Surplus in budgeting
Income > Expenses (money left over)
Deficit in budgeting
Deficit in budgeting
Expenses > Income (spending more than earned)
Salary vs Wages
Salary vs Wages
Monthly earnings vs weekly earnings from employer
Critical budget rule
Critical budget rule
Expenses should never exceed income