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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