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H. Budgeting

Ch 1. 1-5

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.



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