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business

business Christmas test chapter 1

QuestionAnswer
what is income income is money received
what is the difference between regular and irregular income regular: is money received every day,month or week irregular: money received now and again
what is benefit in kind/perk and list 3 examples benefit in kind is known as a non cash form of income eg company car, company phone free flight
list 3 reasons why a person may keep a record of planned income 1:to see how much money they have let over for discretionary items 2:how much they need 3:to ensure they don't spend more than they earn
what is over over time is when you work more hours than normal for more money
what is child benefit who revived it and how pays it child benefit is money parents get to help for there child
explain job seekers benefit money for people who are out of the job payed by the government
what is a student grant ?
what does the letters prsi stand for pay related social insurance
what is paye pay as you earn
what is gross pay the total money after deductions are made
what is net pay net pay is take home pay
give 2 eg of statutory deductions paye prsi
give two examples of non statutory deductions pension and health care
what is a pension a pension is money you recive every week after u retire to help you pay for food care ect
Created by: aoife gilbride
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