Unit 3 Topic 1

Question 1

Assets

Answer 1

Things that a person or a business owns. For a person their assets might include property, jewellery or financial products such as company shares.

Question 2

Contingency plan

Answer 2

A plan to deal with unexpected changes in income and expenditure.

Question 3

Deficit

Answer 3

Where expenditure exceeds income

Question 4

Surplus

Answer 4

Income that exceeds mandatory and essential expenditure, which means that an individual can choose how to save or spend it.

Question 5

Sustainable personal finance

Answer 5

Achieving and maintaining a balance between personal income and expenditure to satisfy needs, wants and aspirations within a budget.