8.1 Introduction and key concepts (EMG5B)

In this chapter you will learn about the difference between personal income and expenditure and how they relate to one another. You will also learn how to compile simple budgets based on household income.

You will learn how to identify and perform calculations involving income, expenditure, and profit and loss values including:

• fixed, variable and occasional income
• fixed, variable, occasional high- and low-priority expenses
• personal and household budgets