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Expenditure
Expenditure/Definitions
| Term | Definition |
|---|---|
| Expenditure | The amount we spend in a particular period |
| Opportunity Cost | Opportunity Cost is the item we must do without in order to buy another item. |
| Financial Cost | Financial Cost is the amount of money paid for the item. |
| False Economy | A False Economy is where you spend money on something which you think is saving you money but in the long-term may cost you more money. |
| Scarcity | Is where there is a limit to the amount we have of something |
| Choice | Is where we have options on how to spend our income. We can decide what to do with the money. |
| Impulse Buying | Means buying something on the spur of the moment without thinking of the consequences. |
| Fixed Expenditure | Is spending a fixed amount on goods or services at fixed times |
| Irregular Expenditure | Is spending a varied amount on goods or services at varied times. |
| Discretionary Expenditure | Is spending on non-essential items |
| Invoice | Is a document, sent by the seller to the buyer. |
| Delivery Note | Is a document sent by the seller to the buyer that states the goods that are being delivered. |
| Purchase On Credit | Using the good/service now but paying for it at a later date. |
| Standing Charge | Is a fixed cost used to pay for the wires coming to the house and must be paid even if you use no electricity. |
| Current Spending | Is spending money on day to day items e.g. food, newspapers, petrol, phone credit. |
| Capital Spending | Is spending on durable items, that last a long time e.g. car, T.V., house, furniture, washing-machine. |
Created by:
jamielukeconcannon
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