Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

New JC Inc and Exp

New JC Business Studies Income and Expenditure

QuestionAnswer
What is income? Income is money received by a person or a household.
Regular income is... A predictable amount of money received every week or every month.
Irregular income is... Unpredictable in size and fequency.
Child Benefit is... a monthly social welfare payment, paid by the State to all parents orguardians of children up to age 18, while they are still in education.
What are unemployment benefits? It is a basic level of income paid by the State to people who are out of work.
What are benefit-in-kind? Things that you get for free from an employer that you would otherwise have to pay for. they are a non-cash form of income. Ex: company car, health insurance, mobile phones...
State pensions are... A basic income paid by the State to all citizens over a certain age and are funded by taxpayers.
Private pensions are... Paid by some employers to former employees when they reach retirement age. Teh amount received depends on the former employee's length of employment and how the pension was invested.
Personal Pension are... Paid by a life assurance company or investment firm. This is a type of private pension for anyone who is self-employed or can't join an employer plan.
Spreadsheets are... Computer software programs that are very useful for recording and editing numerical data.
Expenditures is... The amount of money that we spend over a particular period of time.
Fixed expenditure is... a predictble (fixed) sum of money that has to be paid out regularly, regardless of how much, or how little, we use the item.
Irregular expenditure is... An unpredictable (irregular) sum of money that has to be paid out regularly, but whos value varies depending on how much we use or consume.
Discretionary expenditure is... Spending on non-essential items. These are goods that should only be bought after all essential necessities, like food and electricity, are paid for.
Current expenditure is... Spending money on day-to-day items that get used up quickly and only provide a benefit for a shor period fo time.
Capital expenditure is... is spending money on items that will provide a benefit for a long time before they wear out.
Consumer durables are... goods that will give benefit for a long period of time such as televisions, fridges, cookers and washing machines.
Opportunity cost are... Items you must do without in order to buy another item. Ex: You have €1 to spend in a shop. You can buy a Coke or a chocolate bar you can't have both. If you buy the Coke the chocolate bar is the opportunity cost and Coke is the financial (€ spent) cost.
List possible sources of regular income. Wages, Salaries, Unemployment Benefit, Child Benefit, Interest on Savings, Pocket money, Pensions.
List possible sources of irregular income. Overtime, Commission, Bonus payments, Profits (self-employed) Gifts, Money from sale of unwanted things, Payments for casual work, Lottery.
List possible examples of fixed expenditure. Rent, Mortgage, loan, car tax, motor tax.
List possible examples of irregular expenditure. Food, Telephone, Electricity, Gas bills.
List possible examples of Discretionary expenditure. Holidays, Concert Tickets, Computer games
What are the basic rules of managing your personal income and expenditure? 1. Keep a written record of all your income and expenditure. 2. Always spend less than your income. 3. Pay the most important and essential bills first.
Created by: MrFromholz
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards