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Income and expenditure

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 such as overtime payment.
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, Free Travel.
Irregular Income-Retired Person Win At Bingo, Presents.
Regular Income-Student Grant, Pocket Money
Irregular Income-Student Presents, Casual Work.
Benefit-in-kind Is a non-cash form of income, also known as a perk e.g. Use of company car, mobile phone.
Overtime Hours worked in an addition to your regular working week
Child Benefit Monthly payment by the Government to parents/guardians of children under 18.
Grant A payment made by the Government to students while they are studying at college.
Unemployed Benefit Weekly payment by the Government made to unemployed people.
Expenditure Refers to money we spend during a particular period of time,
Fixed Expenditure Items where cost does not change according to use. Usually regular payments monthly/yearly e.g. Rent, mortgage repayments, loan repayments, car tax.
Irregular Expenditure Items where the cost does not change according to use. They may be paid regularly but the amount differs. E.g. groceries, Diesel, Light and heat.
Impulse Buying Is when we buy something on the spur of the moment without asking ourselves if we can really afford it and if we really need the item.
Opportunity Cost Is when we have the choice of buying 2 items and the item we do not choose is the opportunity cost.
Example Of Opportunity Cost I have £1. I have the choice of buying an apple or a bar of chocolate. I pick the apple so the opportunity cost is the chocolate bar.
Mortgage A loan from the bank to enable a person to buy a house.
Budget Is a plan of a household future income and future expenditure for a given period.
Net Cash EqualsTotal Income+Total Expenditure
Un Branded Refers to goods not manufactured by a well-known producer
Budget Surplus Refers to when your planned income is greater than your planned expenditure
Budget Deficit Refers to when your planned expenditure is greater than your planned income.
Balanced Budget Refers to when your planned income is rqual than your planned expenditure.
Created by: AMOORE14



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