topic 1 0.0 / 5 ? AccountingTopic 1A2/A-levelAll boards Created by: feysal2000Created on: 22-03-18 14:08 bankruptcy a situation in which a person cannot pay their debts 1 of 8 budget a plans of expected incomings and outgoings over a set time period such as a month 2 of 8 contingency plan planning for unexpected changes in income or expenditure 3 of 8 deficit where expenditure exceeds income 4 of 8 disposable income the amount of money left over mandatory and essential expenditure 5 of 8 financial capability being able to manage personal finance 6 of 8 insolvency a situation in which a person cannot repay what they owe 7 of 8 income protection insurance a policy that allows people to manage the risk of loss of earnings over a long term. 8 of 8
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