Question Answer
Reasons for budgeting A budget lets you control your money instead of your money controlling you. A budget will tell you if you're living within your means. Prevents you from impulse buying. A budget reveals areas where you're spending too much
Surplus Budget Where income is predicted to be greater than expenditure
Deficit Budget Where expenditure is predicted to be greater than income
A budget is a plan for future income and expenditure
Net Cash Difference between income and expenditure
Opening Cash The amount of money the family has at the beginning of the budget period
Closing Cash The amount of money left over at the end of the budget period