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Income

terms associated with income & expenditure

TermDefinition
Income Money received by business and households
Regular Income Income received every week/month e.g. salary, pocket money
Irregular Income Income received every now and again e.g. overtime
Benefit-in-kind Non cash forms of income e.g. company mobile, subsidized canteen, vouchers
Overtime Extra hours worked after a person has completed their normal working hours
Child benefit Payment made every month to parents/guardians of children who are in fulltime education by Department of Social Protection
Jobseeker's benefit Weekly payment to unemployed people paid by Department of Social Protection
Statutory Deductions Deductions from pay which are required by law e.g. PAYE, PRSI, USC
PRSI Pay Related Social Insurance, used to pay social welfare benefits, maternity leave, state pension etc
PAYE Pay As You Earn (income tax) used to pay salaries of public & civil servants & provide government services
USC Universal Social Charge, introduced to replace other income levies
Voluntary Deductions Employee decides to have these deducted from their wage/salary e.g. pension, union subscriptions
Time and a half Overtime rate of one and a half times the hourly rate
Double time Twice the hourly rate when being paid overtime
Net Pay Take home pay, income after statutory and voluntary deductions have been subtracted from a person's salary/wages
Payslip Document showing all pay earned, all deductions and shows Net Pay
Gross Pay Total income earned. Made up of basic pay plus overtime or bonuses or commission
Expenditure Amount of money spent during particular period. Can be divided into fixed, irregular and discretionary expenditure.
Fixed Expenditure Payments that stay the same and are made on a regular basis i.e. every month e.g. mortgage
Irregular Expenditure Payments which change depending on how much we use e.g. Electricity bill
Discretionary Expenditure Items we buy after we have paid for the essential things.
Impulse buying Buying something on the spur of the moment without having budgeted to buy it
Opportunity Cost Opportunity cost of buying an item is the item we had to do without or opportunity we had to forego
Financial Cost Monetary cost of the item
False economy Buying a cheaper version of a product thinking you are saving money e.g. buying cheap shoes that only last 2 months instead of buying a good pair of shoes
Budget future plan of income and expenditure
Deficit When total income is less than total expenditure i.e. you are spending more than you are earning
Surplus when total income is greater than total expenditure
Grant non-repayable source of income for businesses and households. Business obtain grants from government agencies or the EU.
Mortgage Long term source of finance which is repaid over 5 years. Used by households to buy houses.
Created by: MsBradyJCBSTU
 

 



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