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Income & Expenditure

Terms and Definitions in Junior Certificate Business

QuestionAnswer
Income The money, goods or services a household receives, either regularly or irregularly.
Regular Income Income received periodically, e.g. every week, fortnight or month. We can usually predict how much we will receive.
Benefit-in-kind/Perk Income we get which is in something other than money Examples include a company car, meals in a staff canteen and discounts on items made/sold by the business.
Commission Income based on the number of items you sell.e.g. Car sales man.
Wages Income calculated according to the number of hours you work. e.g. A factory worker.
Salary An agreed amount of money you are paid each year, regardless of how many hours you work. e.g. a manager in a factory.
Irregular Income Income which we may receive from time to time but cannot count on getting e.g. overtime, winning the lottery.
Impulse Buying Unplanned Buying. e.g buying chocolate at the till even though it wasn't on your shopping list.
False Economies Spending money on something which you think is a bargain, but in the long term costs you money. e.g. buying something in a sale which you never wear.
Fixed Expenditure Spending money on things which you need . The price you pay is the same each month. eg. rent
Irregular Expenditure Spending money on things which you need. The price you pay varies each month. e.g. electricity, food.
Discretionary Expenditure These are luxury items which you would like to spend money on but which you do not need. e.g. An iPod.
Created by: egibbonsnotes
 

 



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