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Income and expenditu

Income and expenditure

QuestionAnswer
Income Refers to money or other forms of wealth received by a household
Regular Income Is income received on a regular basis such as a weekly wage
Irregular Income Is income received now and again
Regular Income employed person Wages, child benefit
Irregular Income employed person inheritance, overtime
Regular Income unemployed person unemployment benefit, child benefit
Irregular Income unemployed person lottery win, casual work
Regular Income retired person pension
Irregular Income retired person win at bingo
Regular Income student Grant
Irregular Income student presents
Benefit in kind non-cash of income
Overtime extra hours of work
Child benefit payment by government parents of children under 18
Grant A payment made by government to students while studying at college
Unemployment Benefit Weekly payment made by government made to unemployed people
Expenditure Money we spend during a particular period of time
Fixed Expenditure Items that cost doesn't normally change
Irregular Expenditure Items that cost does normally change
Impulse buying Buying on the spur of the moment without asking ourselves can we afford it
Opportunity Cost Is when we have the choice of buying 2 items and the item we choose is the opportunity cost
Mortgage A loan from the bank to enable a person to buy a house
Budget is a plan of a household's future income and future expenditure for a given period
Net cash equal total income + total expenditure
Unbranded refers to goods not made by a well known producer
Budget surplus refers to when your planned income is greater then your planned expenditure
Budget Deficit refers to when your planned income is less then your planned expenditure
balanced budget refers to when your planned income is equal to your planned expenditure
Example of a Opportunity Cost I have 1 euro. I have the choice of buying a bar of chocolate or a apple. I pick the apple so the bar of chocolate is the opportunity cost.
Created by: JKELLY14
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