Key Terms

KEY TERM: Budget

An estimation of revenue and expenses over a specifed future period of time. It is a plan that allows individuals, businesses and governments to control their spending to save for future priorities.

Personal budgets are extremely useful in managing an individual’s or family’s fnances over both the short-term and long-term. Short-term = ~1 year or less Long-term = ~5-10 years

ARTICL

Revenue vs Expenses

Expenses = Money going out!

REVENUE

EXPENSES

Revenue = Money coming in!

Revenue = Money coming in!

The most common form of revenue would be money earned through your income or pay.

In order to determine revenue or income that can go onto a budget, we need to understand how to read a payslip and how much our take home pay is.

As a group, you will read through the excerpts from the payslip article on the following pages.

Review the diferent infographics and be sure to jot down and ask any questions you may have!