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Questions and Answers
What is the formula for calculating profit?
What is the formula for calculating profit?
- Profit = Total Income + Cost of Production
- Profit = Total Income / Cost of Production
- Profit = Total Income - Cost of Production (correct)
- Profit = Cost of Production - Total Income
What type of income is a commission?
What type of income is a commission?
- Salary
- Fixed Income
- Variable Income (correct)
- Occasional Income
What is the difference between income and expenditure called when expenditure exceeds income?
What is the difference between income and expenditure called when expenditure exceeds income?
- Budget
- Deficit (correct)
- Profit
- Surplus
What is a study loan?
What is a study loan?
What is the purpose of a budget?
What is the purpose of a budget?
What is a bursary?
What is a bursary?
What is the type of income that is regular and unchanging?
What is the type of income that is regular and unchanging?
What is gratuities also known as?
What is gratuities also known as?
What is personal expenditure?
What is personal expenditure?
What is an example of a fixed expense?
What is an example of a fixed expense?
What is the primary purpose of drawing up a budget?
What is the primary purpose of drawing up a budget?
What is the difference between a budget and a statement?
What is the difference between a budget and a statement?
Why is it important to repay debts before starting to save?
Why is it important to repay debts before starting to save?
What is the formula for calculating monthly savings?
What is the formula for calculating monthly savings?
What is the purpose of calculating percentages for budgeting?
What is the purpose of calculating percentages for budgeting?
What is an example of occasional expenses?
What is an example of occasional expenses?
What is the main difference between fixed expenses and variable expenses?
What is the main difference between fixed expenses and variable expenses?
Which of the following is an example of debt?
Which of the following is an example of debt?
What is the primary purpose of creating a budget for a particular item or event?
What is the primary purpose of creating a budget for a particular item or event?
Why is it essential to compare budget statements with actual statements?
Why is it essential to compare budget statements with actual statements?
What is the first step in budgeting for savings?
What is the first step in budgeting for savings?
What is the main reason for including savings plans in a budget?
What is the main reason for including savings plans in a budget?
Which of the following is a characteristic of a well-planned budget?
Which of the following is a characteristic of a well-planned budget?
What is the purpose of calculating percentages for budgeting?
What is the purpose of calculating percentages for budgeting?
What is the primary source of income for individuals who work in a service industry?
What is the primary source of income for individuals who work in a service industry?
What is the purpose of creating a budget?
What is the purpose of creating a budget?
What type of income is received from renting out property?
What type of income is received from renting out property?
What is the term for when income exceeds expenditure?
What is the term for when income exceeds expenditure?
What is the main difference between a fixed income and a variable income?
What is the main difference between a fixed income and a variable income?
What is the primary source of income for individuals who produce and sell goods or services?
What is the primary source of income for individuals who produce and sell goods or services?
What is the term for financial assistance granted to students, usually from government or private companies?
What is the term for financial assistance granted to students, usually from government or private companies?
What is the term for money received as gifts or allowances?
What is the term for money received as gifts or allowances?
What is the primary reason for categorizing expenditure into fixed, variable, and occasional expenses?
What is the primary reason for categorizing expenditure into fixed, variable, and occasional expenses?
Which of the following is a characteristic of a well-planned budget?
Which of the following is a characteristic of a well-planned budget?
What is the primary purpose of comparing budget statements with actual statements?
What is the primary purpose of comparing budget statements with actual statements?
How can one increase the amount available for savings?
How can one increase the amount available for savings?
What is the primary benefit of budgeting for specific events or expenses?
What is the primary benefit of budgeting for specific events or expenses?
Why is it essential to repay debts before starting to save?
Why is it essential to repay debts before starting to save?
What is the primary purpose of including a savings plan in a budget?
What is the primary purpose of including a savings plan in a budget?
What is the primary benefit of monthly budgeting?
What is the primary benefit of monthly budgeting?
Which of the following incomes can be classified as both fixed and variable?
Which of the following incomes can be classified as both fixed and variable?
What is the primary purpose of distinguishing between fixed, variable, and occasional incomes?
What is the primary purpose of distinguishing between fixed, variable, and occasional incomes?
When creating a budget, what is the importance of distinguishing between surplus and deficit?
When creating a budget, what is the importance of distinguishing between surplus and deficit?
Which of the following statements is true about a budget?
Which of the following statements is true about a budget?
What is the primary difference between a study loan and a bursary?
What is the primary difference between a study loan and a bursary?
Which of the following is an example of an expenditure item in a budget?
Which of the following is an example of an expenditure item in a budget?
What is the relationship between income, expenditure, and profit?
What is the relationship between income, expenditure, and profit?
Which of the following is a characteristic of a well-planned budget?
Which of the following is a characteristic of a well-planned budget?
What is the primary purpose of categorizing income into fixed, variable, and occasional?
What is the primary purpose of categorizing income into fixed, variable, and occasional?
What happens when the total expenditure exceeds the total income?
What happens when the total expenditure exceeds the total income?
What is the primary difference between a salary and a wage?
What is the primary difference between a salary and a wage?
What is the purpose of a budget statement?
What is the purpose of a budget statement?
What is the relationship between income, expenditure, and profit?
What is the relationship between income, expenditure, and profit?
What is the primary purpose of categorizing expenditure into fixed, variable, and occasional expenses?
What is the primary purpose of categorizing expenditure into fixed, variable, and occasional expenses?
What is the primary benefit of having a budget?
What is the primary benefit of having a budget?
Which of the following is a result of comparing budget statements with actual statements?
Which of the following is a result of comparing budget statements with actual statements?
What is the primary purpose of drawing up a budget?
What is the primary purpose of drawing up a budget?
What is the primary benefit of budgeting for specific events or expenses?
What is the primary benefit of budgeting for specific events or expenses?
What is the primary difference between a study loan and a bursary?
What is the primary difference between a study loan and a bursary?
What is the primary reason for including savings plans in a budget?
What is the primary reason for including savings plans in a budget?
What is the primary purpose of finding better deals on existing expenses in budgeting for savings?
What is the primary purpose of finding better deals on existing expenses in budgeting for savings?
What is the primary benefit of monthly budgeting?
What is the primary benefit of monthly budgeting?
What is the primary purpose of setting aside money for unexpected expenses?
What is the primary purpose of setting aside money for unexpected expenses?
What is the primary purpose of transferring balances to lower interest accounts in budgeting for savings?
What is the primary purpose of transferring balances to lower interest accounts in budgeting for savings?
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