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HouseholdExpenditure

Junior Cert Business Studies

TermDefinition
Budget Surplus This is when the planned income for the month is greater than the planned expenditure for that month.
Budget Deficit This happens when the planned expenditure for the month is greater than the planned income for that month.
Net Cash Difference between total planned income and total planned expenditure each month.
Opening Cash This is the amount of money a family plans to have at the start of a month.
Closing Cash This is the planned net cash plus planned opening cash.
Current Expenditure This is the ongoing spending on items that give benefits for a short period of time. Usually less than one year.
Capital Expenditure This is spending on an item that will give benefit for a long period of time. Usually more than one year.
Expenditure This is spending on the goods and services we use.
Financial Cost This is the amount of money paid for an item.
False Economy Spending money of something which initially appears to save money but, over a long period of time costs more money.
Impulse Buying Unplanned spending.
Opportunity Costs This is the transaction of an item you must do without in order to buy another item.
Fixed Expenditure This is spending on goods and services on a regular basis, e.g. Once a week, once a month or once a year, where the amount spent is fixed and does not change with usage.
Irregular Expenditure This is spending on goods or services where the amount spent and/or the timing of the spending varies with usage.
Discretionary Expenditure This is spending on items you would like to buy but do not need for day to day living.
Consumer Durable Goods These are goods that will give benefit to the buyer for a long period of time, more than one year.