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Income & Expenditure

JC Business

QuestionAnswer
Regular Income Income you can plan for. Wages, child benefit, social welfare payments, pension payments
Irregular Income Income that you CANNOT plan for. Lotto win, selling a household item
Fixed expenditure Items where the cost does not change according to use. eg TV Licence, Car insurance
Irregular Expenditure Items where the cost does change according to use. Eg groceries, petrol, electricity
Discretionary Expenditure Spending on luxury, unnecessary items. Eg holidays and presents
False Economy Buying a cheap item to save money in the short term, but in the long run you end up spending more as the cheap item breaks
Impulse Buying Buying goods on the spur of the moment
Opportunity Cost When you have limited resources and your are faced with a choice, the item you DO NOT choose is the opportunity cost
Benefit-in-kind A non-cash form of Income. Eg the use of a company car
Created by: dkellybusiness