Gr 11 Math Lit: Ch 3.3 Expenditure

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Questions and Answers

What is the primary purpose of a budget?

  • To compare the performance of different organizations
  • To describe the current finances of an organization
  • To plan the future finances of an organization (correct)
  • To make guesses about future income and expenditure

What does a statement of income-and-expenditure show?

  • The comparison of predicted and actual values
  • The total expenditure of an organization
  • Predicted income and expenditure values for an event
  • A summary of actual income and expenditure values for an event (correct)

What is the purpose of including both predicted and actual values in a budget?

  • To make informed predictions for future periods
  • To compare the performance of different organizations
  • To allow for comparison of predicted and actual values (correct)
  • To describe the current finances of an organization

What is the total expenditure of an organization?

<p>The sum of all the expenses incurred by a business or organization (D)</p> Signup and view all the answers

What is a key benefit of using previous actual data to inform predictions for a new period?

<p>It makes predictions more accurate than mere guesses (C)</p> Signup and view all the answers

What is the purpose of comparing values over time in a statement of income-and-expenditure?

<p>To understand how the income and expenditure have changed (D)</p> Signup and view all the answers

What is the main difference between a budget and a statement of income-and-expenditure?

<p>A budget shows predicted values, while a statement of income-and-expenditure shows actual values (A)</p> Signup and view all the answers

Why are budgets and statements of income-and-expenditure important for an organization?

<p>They help in planning and describing the finances of an organization (D)</p> Signup and view all the answers

What is the formula to calculate Total Expenditure?

<p>∑ All Expense Items (B)</p> Signup and view all the answers

How is Net Income calculated?

<p>Total Income - Total Expenditure (C)</p> Signup and view all the answers

What is the formula to calculate the Difference between Predicted and Actual Values?

<p>Predicted Value - Actual Value (D)</p> Signup and view all the answers

What is the formula to calculate Percentage Change?

<p>((Actual Value - Previous Value) / Previous Value) × 100 % (A)</p> Signup and view all the answers

What does the Total Expenditure represent?

<p>The sum of all expense items (B)</p> Signup and view all the answers

What is the primary benefit of using a budget to plan the finances of an event, business, or organization?

<p>To make informed financial decisions for the future (C)</p> Signup and view all the answers

What is the main difference between a budget and a statement of income-and-expenditure in terms of the time period they cover?

<p>A budget covers a specific time period in the future, while a statement of income-and-expenditure covers a specific time period in the past (A)</p> Signup and view all the answers

What is the benefit of comparing predicted values with actual values in a budget?

<p>It helps to evaluate the accuracy of predictions and make informed decisions for the future (C)</p> Signup and view all the answers

What is the purpose of including actual values in a statement of income-and-expenditure?

<p>To describe the current financial situation of the business (B)</p> Signup and view all the answers

What is the relationship between a budget and a statement of income-and-expenditure?

<p>A budget predicts future income and expenditure, while a statement of income-and-expenditure shows actual past income and expenditure (B)</p> Signup and view all the answers

What is the main advantage of using a budget to plan the finances of an event, business, or organization?

<p>It enables the business to make informed financial decisions for the future (C)</p> Signup and view all the answers

What is the primary purpose of preparing a statement of income-and-expenditure?

<p>To describe the current financial situation of the business (B)</p> Signup and view all the answers

What is the benefit of using previous actual data to inform predictions in a budget?

<p>It makes predictions more accurate and reliable (A)</p> Signup and view all the answers

What is the primary calculation that needs to be performed to determine the net income of an organization?

<p>Total expenditure needs to be subtracted from total income. (D)</p> Signup and view all the answers

What is the purpose of calculating the difference between predicted and actual values in a budget?

<p>To identify areas where the organization can improve its financial performance. (A)</p> Signup and view all the answers

What is the calculation that is used to determine the percentage change in expenditure over time?

<p>((Actual Value - Previous Value) / Previous Value) x 100% (C)</p> Signup and view all the answers

What is the relationship between total expenditure and net income?

<p>Total expenditure is subtracted from total income to calculate net income. (D)</p> Signup and view all the answers

What is the purpose of including both predicted and actual values in a budget?

<p>To facilitate the comparison of predicted and actual values and identify areas for improvement. (A)</p> Signup and view all the answers

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