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Expenditure/Income
buisness studies
| Term | Definition |
|---|---|
| Regular income | Income recieved on a regular basis such as a weekly basis. |
| Irregular income | Income recieved now and again such as overtime pay. |
| Overtime income | Hours worked in addition to your regular working hours. |
| Child benefit | Monthly payment by the state to the parents/guardians of children aged 18 years and under while they are still in full-time education |
| Grant | A payment made by the state to students while they are studying at college. |
| Benefit in kind | A non-cash form of income. |
| Opportunity cost | Making a decision/choice on limited resorces. The item not selected is the oportunity cost. |
| Impulse buying | Buying on the spur of the moment without planning or thinking, Eg. Cute dog. |
| False economy | Buying something because it's cheap even when you don't need it, Eg. 2 for 2, buy 1 get 1 free. |
| Fixed expenditure | Money spent at the same time each week, month, year. The amount is usually the same. Eg. Mortage, rent, car loan,repayment,car tax. |
| Irregular expenditure | The amount paid out varies. It's paid out at different times. Eg. ESB, heating, petrol, phone, groceries. |
| Discretionary expenditure | Money spent on things you can live without -luxuries-. The amaount varies. Eg.Sky tv, ps3, xbox, brand clothes, holidays, presents, entertainment. |
Created by:
dariafraczek13
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