8731816
Description
Quiz by Lauren Mcguane, updated more than 1 year ago
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Created by Lauren Mcguane
over 7 years ago
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Question 1
Question
What is an opportunity cost?
Answer
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making a decision/choice based on limited/scarce resources.
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Buying on the spur of the moment.
Question 2
Question
What is Impulse buying?
Answer
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Buying on the spur of the moment
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Buying something because it is cheap even when you don’t need it.
Question 3
Question
What is false economy?
Answer
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Buying something because it is cheap even when you don’t need it.
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buying on the spur of the moment
Question 4
Question
What is fixed expenditure?
Answer
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Is money that is spent at the same time each week, month, year.
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Money spent at different times which varies.
Question 5
Question
what is Irregular expenditure?
Answer
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The amount paid out varies and is paid at different times.
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money you spend on things you can live without
Question 6
Question
What is prioritising? (budgeting)
Answer
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Is money you spend on things you can live without (luxuries)
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If you have a limited income you must plan to spend.
Question 7
Question
What do you do if you have a deficit budget?
Answer
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dont pay bills
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reduce discretionary expenditure
Question 8
Question
What is current expenditure? (Revenue expenditure)
Answer
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spending on durable items.
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spending on day to day items
Question 9
Question
What is capital expenditure?
Answer
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spending on day to day items
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Is spending on durable items.
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