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Income
Chapter 1 Jr Business
Term | Definition |
---|---|
Need | Something that is essential for survival,e.g. paying the mortgage on your home. |
Want | Something we would like to have, e.g. holiday. |
Budget | A plan that matches future expected spending with expected income over a period of time. |
Income | The money, goods or services we receive, either regularly or irregularly. |
Regular Income | Money received periodically, e.g. every week. |
Wages | Income received based on the number of hours worked. |
Salaries | Income received by employees regardless of the number of hours they have worked. |
Commission | Income received by salespeople. It is a percentage of the good sold. |
Dole/Unemployment Benefit | Social welfare payments received by unemployed people. |
Pension | Income received by those who have retired. |
Child Benefit | A monthly social welfare payment to parents of children still in education. |
Interest | Money received from the bank for having your savings with them. |
Irregular Income | May be extra occasional income, however we cannot assume that it will be received. |
Overtime | payment received for working more than the required minimum number of hours in a week. |
Bonus | A lump sum of money for reaching a target in work. |
Dividend | Income received by owners of shares in a company. |
Benefit-in-kind | non money form of income, also known as a perk. |
Gross Pay | total income earned by a person |
Statutory deductions | Deductions from your wages that must be taken by law. |
Pay As You Earn | PAYE |
Pay Related Social Insurance | PRSI |
Universal Social Charge | USC |
Voluntary Deductions | money taken from your gross wages by choice e.g. trade union membership |
Net Pay | Gross pay less all deductions/take home pay. |
Wage slip | a written explanation of the calculation of an employee's net pay. An employee is entitled to receive one. |
Basic Pay | Money received for the hours worked as per your contract |