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buisness studies

1st year xmas exams

income this is money that come into a family or a business E.G wages, pension.
regular income this is income tat comes in every month or week e.g wages, unemployment benefit
irregular income this is income that comes in once or now and again
overtime this is when your work over your normal working hours and u get extra money or it
benefit in kind this is an income that u get that is not in form of money E.G company car, free room in hotel
expenditure this is money being spent E.G groceries, clothes
fixed expenditure this is paying the same amount of money on the same date E.G mortgage, bills
discretionary expenditure this is spending money on things that you don't need E.G holiday, new car
opportunity cost this is when you want to buy two things and you only have enough money fir one and the one you don't buy is the opportunity cost
current expenditure this is money we spend regularly every week or every month E.G esb bill, groceries
capital expenditure this money we spend now and again or a once off E.G new car, new house
Created by: marley12