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Expenditure
| Question | Answer |
|---|---|
| What is expenditure? | Spending money on goods and services. |
| Name 3 types of expenditure | Fixed Irregular Discretionary |
| What is fixed expenditure? | Spending money on good and services regularly when the amount spent is fixed and does not vary with usage. |
| What is irregular expenditure? | Spending money on good and services where the amount spent depends on the usage. |
| What is discretionary expenditure? | Spending on goods and services we don't need - but we want them. |
| What is the financial cost of an item? | Is the amount of money paid for an item. |
| What is opportunity cost? | Is the item you do without in order to buy another item. |
| What is a false economy? | This is spending money on something which initially appears to save you money- but in the long run ends up costing you more money. |
| What is impulse buying? | This is buying something on the spur of the moment. |
| What is current expenditure? | This is ongoing spending on items that give you benefit for a short period of time, usually less than one year. |
| What are examples of current expenditure? | Groceries, petrol, car tax, lunches. |
| What is capital expenditure? | This is spending money on an item that will give you benefit for a long period of time, usually over a year. |
| What are examples of capital expenditure? | Car, TV, golf clubs, washing machine. |
| What are consumer durable goods? | These are goods that will give benefit to the buyer for a long period, usually more than one year. |
Created by:
MsFinn
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