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Income & Expenditure
Terms and Definitions in Junior Certificate Business
| Question | Answer |
|---|---|
| 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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