Budget Review Week 3

Match the following

• more expenses than income

• Deficit

• an item you wish to have

• want

• an item you must have for survival

• savings

• more income than expenses

• need

• money set aside for a purpose

• Surplus

Match the following

• income earned by an hourly rate

• variable expense

• a changeable amount due to usage

• wage

• a plan showing income and expenses

• salary

• a set amount to be paid at a set time

• budget

• income earned per annum/year

• fixed expenses

Reorder the following

• Total Income

• Less Savings

• Less Total Expenses

• Deficit/Surplus

Total Income $5300 less Total Expenses $5250 less Savings $60 =​ (a)  

• Deficit $10
• Surplus $11
• Deficit $11
• Surplus $10

Total Income $999 less Total Expenses $998 = ​ ​ (a)  

• Surplus $1
• Deficit $1
• Balance $1
• $1

Total Income $1500 less Total Expenses $1400 less Savings $60 = ​ ​ (a)  

• Surplus $40
• Deficit $40
• Surplus $60
• Deficit $60

Total Expenses $666, Total Income $1766, Savings $123 = ​ (a)  

• Deficit $23
• Surplus $23
• Balanced $0

An example of a variable expense is ​ (a)   because the amount will ​ (b)   directly to the quantity you use.

• power
• change
• rent
• fixed
• variable
• changeable

If you have a ​ (a)   in your budget, you may choose to ​ (b)   an amount for a particular purpose for example a new dirtbike.

• surplus
• save
• deficit
• spend
• plan
• borrow

What week and what day will you sit the Budget Assessment (3 credits)?