click below
click below
Normal Size Small Size show me how
income+expenditure
Income And Expenditure
Question | Answer |
---|---|
Income. | Refers to money or other form 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 pay. |
Regular Income-Employed Person. | Wages Child Benefit. |
Regular Income-Unemployed Person. | Unemployment Benefit ,Child Benefit. |
Irregular income-Employed Person. | Inheritance, Overtime. |
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 a addition to your regular working week. |
Child Benefit | Monthly payments 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 |
Unemployment 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 | Item where cost does 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 don't choose is the opportunity cost. |
Example Of A 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 the chocolate bar. |
Mortgage | A loan from the bank to enable a person to buy a house. |
Budget | Is a plan of a households future income and the future expenditure for a given period. |
Un branded | Refers to goods not manufactured by a well-known producer. |
Net Cash | Equals total income + Total Expenditure. |
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 equal than your planned expenditure. |