GOOD MORNING GRADE 10

This section on Income, expenditure, profit and loss has been sent out on the D6 connect and on the group. The document is too big to upload onto Apollo.

The notes are simplified. The first page and a half talk about the different terminology that you will read about throughout the chapter.

We start of by looking at a personal budget. Here we explore concepts like income items and expense items.

Remember that income deals with money coming into a household. This income can be fixed, carriable or occasional.

Expense deals with money that is paid out, every time money leaves the household so to speak. Again, these expenses can be fixed, variable or occasional.

When setting up a budget, you must keep your items in the correct categories. The budget should have a clearly marked income column and expense column.

Make sure that each column is totalled at the end of the time period.

The key to any budget is that it is a plan of how money will be received or spent. Thus the amounts that are entered are usually rounded off figures.

At the end of the budget, you would subtract your income from your expenses

Income – expenses = profit (if the amount is a positive number)

Income – expenses = loss (if the amount is a negative number).

There is a TEST YOUR UNDERSTANDING activity containing six questions. This is to be completed once you have read through all the pages.

INSTRUCTIONS:

COMPLETE UNIT THREE TEST YOUR UNDERSTANDING.

Once completed, send pics to your teachers. These serve as a register and then we will send you the answers.

DUE DATE FOR TODAY'S WORK IS THE 24 JUNE 2020.

MRS S CASSIM     084 786 2585     scassim@alexhigh.org.za
MRS H. MAHARAJ    0735581246    hmaharaj@alexhigh.org.za