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H. Budgeting
Ch 1. 1-5
| Term | Definition |
|---|---|
| Income | refers to money or other form of wealth received by a household. e.g. wages |
| Regular Income | is income received on a regular basis such as weekly wage. |
| Irregular Income | is income received now and again such as overtime pay. |
| Benefit in kind | is a non cash form of income. e.g. use of a company car. |
| Overtime | 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. |
| Grant | a payment made by the state to students while they're studying at college. |
| Unemployment Benefit | weekly payment made to unemployment people. |
| Wages | is regular income for hours worked or number of goods produced. e.g. builder |
| Salary | is regular income received for doing a job no matter how many hours you spend at it. e.g. teacher. |
| Expenditure | refers to the money we spend during a particular period of time. |
| Fixed Expenditure | is where the amount is not related to use. e.g. mortgage. |
| Irregular Expenditure | is where the amount does change according to use. e.g. groceries |
| Discretionary Expenditure | is when you should only consider of buying if you have money left over. e.g. presents. |
| Impulse buying | is spur of the moment decision to purchase an item. |
| Opportunity cost | of buying an item is the loss of the other item which could have been bought instead with the same money. |
| Mortgage | a loan from a bank to enable a person to buy a house. |
| Budget | is a statement of planned income and planned expenditure for a certain period of time. |
| Solving a budget | Total Income- Total Expenditure = Net Cash The opening cash each month is the closing cash from the previous month. For the total column remember to use the opening cash from the first month. |
| Analysed Cash Book | this account records all money transactions of the household. It is made up of a debit and credit side. |
| Debit side / Credit side | money coming in. e.g. wages. / money going out. e.g. bills. |
| Filing | is the term used to describe system of storing documents in such a way that they can located quickly when required. |
| Alphabetical filing / Numerical filing | is in letters order. / is in number order. |
Created by:
karinanatyahanchuk12