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Income+Expenditure
Income and expenditure
| Term | Definition |
|---|---|
| Income | Refers to money or other forms of wealth received by a household. |
| Regular Income | Is income received on a regular basis such as a weekly wage. |
| Irregular Income | Is income received now and again such as overtime payment. |
| Regular Income-Employed Person | Wages, Child Benefit. |
| Irregular Income-Employed Person | Inheritance, Overtime. |
| Regular Income-Unemployed Person | Unemployment Benefit, Child Benefit. |
| Irregular Income-Unemployed Person | Lottery Win, Casual Work. |
| Regular Income-Retired Person | Pension, Free Travel. |
| Irregular Income-Retired Person | Win At Bingo, Presents. |
| Regular Income-Student | Grant, Pocket Money |
| Irregular Income-Student | Presents, Casual Work. |
| Benefit-in-kind | Is a non-cash form of income, also known as a perk e.g. Use of company car, mobile phone. |
| Overtime | Hours worked in an addition to your regular working week |
| Child Benefit | Monthly payment by the Government to parents/guardians of children under 18. |
| Grant | A payment made by the Government to students while they are studying at college. |
| Unemployed Benefit | Weekly payment by the Government made to unemployed people. |
| Expenditure | Refers to money we spend during a particular period of time, |
| Fixed Expenditure | Items where cost does not change according to use. Usually regular payments monthly/yearly e.g. Rent, mortgage repayments, loan repayments, car tax. |
| Irregular Expenditure | Items where the cost does not change according to use. They may be paid regularly but the amount differs. E.g. groceries, Diesel, Light and heat. |
| Impulse Buying | Is when we buy something on the spur of the moment without asking ourselves if we can really afford it and if we really need the item. |
| Opportunity Cost | Is when we have the choice of buying 2 items and the item we do not choose is the opportunity cost. |
| Example Of Opportunity Cost | I have £1. I have the choice of buying an apple or a bar of chocolate. I pick the apple so the opportunity cost is the chocolate bar. |
| Mortgage | A loan from the bank to enable a person to buy a house. |
| Budget | Is a plan of a household future income and future expenditure for a given period. |
| Net Cash | EqualsTotal Income+Total Expenditure |
| Un Branded | Refers to goods not manufactured by a well-known producer |
| Budget Surplus | Refers to when your planned income is greater than your planned expenditure |
| Budget Deficit | Refers to when your planned expenditure is greater than your planned income. |
| Balanced Budget | Refers to when your planned income is rqual than your planned expenditure. |
Created by:
AMOORE14
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