Gr 11 Math Lit: Ch 3.3 Expenditure

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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?

The sum of all the expenses incurred by a business or organization Signup and view all the answers

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

It makes predictions more accurate than mere guesses Signup and view all the answers

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

To understand how the income and expenditure have changed Signup and view all the answers

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

A budget shows predicted values, while a statement of income-and-expenditure shows actual values Signup and view all the answers

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

They help in planning and describing the finances of an organization Signup and view all the answers

What is the formula to calculate Total Expenditure?

∑ All Expense Items Signup and view all the answers

How is Net Income calculated?

Total Income - Total Expenditure Signup and view all the answers

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

Predicted Value - Actual Value Signup and view all the answers

What is the formula to calculate Percentage Change?

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

What does the Total Expenditure represent?

The sum of all expense items 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?

To make informed financial decisions for the future 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?

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 Signup and view all the answers

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

It helps to evaluate the accuracy of predictions and make informed decisions for the future Signup and view all the answers

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

To describe the current financial situation of the business Signup and view all the answers

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

A budget predicts future income and expenditure, while a statement of income-and-expenditure shows actual past income and expenditure 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?

It enables the business to make informed financial decisions for the future Signup and view all the answers

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

To describe the current financial situation of the business Signup and view all the answers

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

It makes predictions more accurate and reliable Signup and view all the answers

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

Total expenditure needs to be subtracted from total income. Signup and view all the answers

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

To identify areas where the organization can improve its financial performance. Signup and view all the answers

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

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

What is the relationship between total expenditure and net income?

Total expenditure is subtracted from total income to calculate net income. Signup and view all the answers

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

To facilitate the comparison of predicted and actual values and identify areas for improvement. Signup and view all the answers

Gr 11 Math Lit: Ch 3.3 Expenditure

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Questions and Answers

What is the primary purpose of a budget?

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

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

What is the total expenditure of an organization?

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

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

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

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

What is the formula to calculate Total Expenditure?

How is Net Income calculated?

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

What is the formula to calculate Percentage Change?

What does the Total Expenditure represent?

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

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

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

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

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

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

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

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

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

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

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

What is the relationship between total expenditure and net income?

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

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