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Income And Expenditure

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.
Created by: CSPOLLEN14



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