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income

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TermDefinition
income refers to the money or other forms of wealth received bye a house hold
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
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
regular income - student grant pocket money
irregular income - student presents casual work
BIK benefit-in-kind is a non-cash form of income also known as a perk eg. company car
overtime hours worked in an addition toyour regular working week
child benefit monthly payment by the parents of children under 18
grant a payment made by the government to students while they are studying in college
unemployment benefit weekly payment by the government made to unemployed people
expenditure refers to the money we spend during a period of time
fixed expenditure items where the cost doesn't change according to use
irregular expenditure items where the cost does change according to use
impulse buying is when u buy something on the spur moment without asking ourselves if we can really afford it
opportunity cost is when you have the choice of buying 2 things and the item we do not choose is the opportunity cost
mortgage a loan off a bank to enable a person to buy a house
budget is a plan of a households future income and expenditure
net cash equals total income - total expenditure
budget surplus refers to when your total 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 income is equal to your planned expenditure
Created by: DCUNNINGHAM14
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