Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Christmas revision
Income, expenditure and household budget
| Term | Definition |
|---|---|
| FINANCIAL LIFE CYCLE | A series of stages which most people pass through during their lives. Each stage is different in terms of financial goals, income, spending and risk. |
| HOUSEHOLD BUDGET | A plan that matches expected spending with expected income over a period of time. |
| BUDGET SURPLUS | When planned income is greater than planned expenditure. |
| BUDGET DEFICIT | When planned expenditure is greater than planned income. |
| NET CASH | The difference between total planned income and total planned expenditure each month. |
| OPENING CASH | The amount of money a person or household plans to have at the start of a month or other budget period. |
| CLOSING CASH | The amount of money a person or household plans to have at the end of a month or other budget period. |
| INCOME | Money received by a person or a household. |
| REGULAR INCOME | A predictable amount of money received every week or every month. |
| IRREGULAR INCOME | Unpredictable amount of money in size and frequency. |
| CHILD BENEFIT | Monthly social welfare payment, paid by the State to all parents or guardians of children up to age 18, while they are still in education. |
| STATE PENSION | Paid by the State to all citizens over a certain age. They provide a basic income and are funded by taxpayers. |
| PRIVATE PENSION | Paid by some employers to former employees when they reach retirement age. |
| PERSONAL PENSION | 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. |
| BENEFIT IN KIND (PERKS) | 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. |
| SPREADSHEET | Computer software programs that are very useful for recording and editing numerical data. |
| EXPENDITURE | The amount of money that we spend over a particular period of time. |
| FIXED EXPENDITURE | Refers to a predictable sum of money that has to be paid out regularly, regardless of how much, or how little, we use it. |
| IRREGULAR EXPENDITURE | Refers to an unpredictable sum of money that has to be paid out regularly, but whose value varies depending on how much we use or consume. |
| DISCRETIONARY EXPENDITURE | REfers to 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 | Spending money on day-to-day items that get used up quickly and only provide a benefit for a short period of time. |
| CAPITAL EXPENDITURE | Spending money on items that will provide a benefit for a long time before they wear out. |
| CONSUMER DURABLES | Goods that will give benefit for a long period of time such as TVs, fridges, cookers and washing machines. |
| OPPORTUNITY COST | Refers to the item you must do without in order to buy another item. |
| IMPULSE BUYING | When we make a sudden, unplanned decision to buy something. |
| OVERTIME | Paid in some jobs for working extra hours. |
| MORTGAGE | Long term loan to purchase a property. |
| JOBSEEKER'S BENEFIT | Payment from the State to help the unemployed while looking for work. |
Created by:
Emmaok
Popular Business sets