Income & Expenditure
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is income? | Money coming in
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| Name 3 types of income? | Regular, Additional, Benefits in kind (perks)
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| What is Net pay? | Total income after deductions
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| What is Gross Pay? | Total income before deductions
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| What is a statutory deduction? | A deduction taken from your wages. Eg. PRSI, PAYE
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| What is a non statutory deduction? | A voluntary deduction. Eg. Union
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| What is expenditure? | Money going out.
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| Name 3 types of expenditure? | Fixed, Irregular, Discretionary
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| What is fixed expenditure? | "This is expenditure that stays the same every month eg. Rent, Mortgage "
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| What is Irregular expenditure? | "This is expenditure that changes every month Eg. ESB, Telephone, Gas bills. "
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| What is discretionary expenditure? | "This is expenditure on once off or luxury items eg. Holidays, Cd’s, Designer Clothes "
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| Explain impulse buying | This is when you buy goods that you did not plan too. E.g. You go into a shop to buy a paper and come out with a drink and bar of chocolate
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| Explain false economy | "This is when you buy something that appears to be better value E.g. School bag in Pound shop for €5 V’s Brown Thomas €10. The cheaper bag appears better value but is ‘probably’ poorer quality"
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| Explain the term opportunity cost | "This is the cost of the item you did not buy. E.g. You have a choice between an apple and an orange. They both cost €1 each but you only have €1, so you buy the orange. The opportunity cost is the cost of the apple"
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| Explain the term accrual | "This is when you pay for something after you have used it. E.g. Telephone bill"
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| Explain the term current expenditure | This is expenditure on day-to-day items. Eg. Food, petrol, wages
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| What is capital expenditure? | "This is expenditure on long term items/assets such as roads, hospitals, schools (things that last a long time). "
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
dqualter
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