1. What does the term budgetary control mean
- Budgetary control means checking the performance makes sure that targets are met and are within the budget.
- Too set a budget
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2. What is the formula for profit
- Expenditure - Revenue
3. What is the purpose of budgeting
- The purpose of budgeting is to keep expenditure to planned limit
- The purpose of budgeting is to keep Revenue to planned limit
- The purpose of budgeting is to keep revenue and expenditure to planned limit
4. What is an example of revenue
- Rent or Interest
- Staff wages
- Advertising for shop
5. What is variable costs
- Costs that change depending on the number of products made or sold.
- Costs that stay the same no matter how much products the business makes or sells.
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