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chapter 1
income
| Question | Answer |
|---|---|
| what is the meaning of the term Income? | is money we receive |
| what is Regular Income | received every week or every month .e.g. wages,child benefit and pension |
| what is Benefit-in-Kind | is a non cash form of income .e.g. car, company phone , free lunch |
| what is ment by Overtime | is when someone who works extra hours after they finished their normal time. E.g. Double time, time and a half |
| what is Irregular income | is money we receive now and again. E.g. Bonus, Birthday money, Overtime, Loan |
| what is Child Benefit | a payment made every month to the parentsof children while they are still in education. Under 16 or 18 (if still in education) |
| What is a job-seekers benefit | is a weekly payment made to the unemployed people [ it is paid by the department of social protection |
| What is a Grant | Money paid to an individual or a business by the government or EU. It does not have to be repaid |
| What does the letters PRSI stand for | means Pay Related Social Insurance |
| What does PAYE | means Pay As You Earn |
| What is Net Pay | This is money you receive after tax is taken off your pay. |
| What is a pension | Is a payment you get when you are over 65 years old |
| What is Minimum wage | This is the amount of money/payment for work done that an employer must LEGALLY pay its employees. Currently €9.55 per hour. |
| What is Gross wage | What a worker earns before any deductions are made |
| Who needs a budget | House holds Students Government Business's |
| A Bonus | Payment given to employees at certain times of the year or for reaching a target. E.g. Christmas. |
| A Loan | Money borrowed from a bank. Must be repaid with interest. |
| A Need | Something we require for survival |
| A Want | Something that we would like, but could live without. |
| Interest | This can mean 2 things. A reward for saving money in a bank, or the cost for borrowing money from a bank |
| Dividend | This is the term for PROFITS that a shareholder/owner receives from a business. |
Created by:
nicolehealy
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