1) Which of the following is NOT a method of essential expenditure a) Rent b) Gas c) Holiday d) Food 2) A budget is a financial plan for the future a) True b) False 3) Things you NEED to pay for are known as non-essential expenditure a) True b) False 4) Income minus Expenditure is known as a) Opening balance b) Net cash c) Closing balance d) Total expenditure 5) Closing bank balance is calculated a) Opening bank balance + Net Cash b) Opening balance - Net Cash c) Income - Expenditure 6) It is important for university students to budget a) True b) False

Unit 2 Topic 7

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