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Household Exp.
| Question | Answer |
|---|---|
| what does expenditure mean | the spending of money on goods or services |
| distinguish between financial cost and opportunity cost | financial cost is how much something costs. Opportunity cost is the cost of doing one thing so you can't do another |
| explain the term false economy | being something that seems to save you money but long term it doesn't |
| Mary Duggan has €15. She wants to go to a show and buy a DVD and both cost €15. she decides to buy the DVD. What is the financial cost and what is the opportunity cost | financial cost is €15. the opportunity cost is not being able to go to the show |
| what is impulse buying | unplanned spending |
| how can someone reduce the risk of impulse buying | have a list of what you need and only bring the required money |
| what is fixed expenditure | spending money on a regular basis e.g. car tax |
| what is irregular expenditure | spending money on day to day things at an unfixed rates e.g. electricity bill |
| what is discretionary expenditure | spending money on non day-to-day things e.g. a holiday |
| what is current expenditure | spending money that is beneficial over a short period of time e.g. food shopping |
| what is capital expenditure | spending money on something that is beneficial long term. e.g. a car |
Created by:
mcraig2020
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