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Income

Chapter 1 Jr Business

TermDefinition
Need Something that is essential for survival,e.g. paying the mortgage on your home.
Want Something we would like to have, e.g. holiday.
Budget A plan that matches future expected spending with expected income over a period of time.
Income The money, goods or services we receive, either regularly or irregularly.
Regular Income Money received periodically, e.g. every week.
Wages Income received based on the number of hours worked.
Salaries Income received by employees regardless of the number of hours they have worked.
Commission Income received by salespeople. It is a percentage of the good sold.
Dole/Unemployment Benefit Social welfare payments received by unemployed people.
Pension Income received by those who have retired.
Child Benefit A monthly social welfare payment to parents of children still in education.
Interest Money received from the bank for having your savings with them.
Irregular Income May be extra occasional income, however we cannot assume that it will be received.
Overtime payment received for working more than the required minimum number of hours in a week.
Bonus A lump sum of money for reaching a target in work.
Dividend Income received by owners of shares in a company.
Benefit-in-kind non money form of income, also known as a perk.
Gross Pay total income earned by a person
Statutory deductions Deductions from your wages that must be taken by law.
Pay As You Earn PAYE
Pay Related Social Insurance PRSI
Universal Social Charge USC
Voluntary Deductions money taken from your gross wages by choice e.g. trade union membership
Net Pay Gross pay less all deductions/take home pay.
Wage slip a written explanation of the calculation of an employee's net pay. An employee is entitled to receive one.
Basic Pay Money received for the hours worked as per your contract
Created by: jennymarshall
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