the difference between planned income and planned expenditure. (A – B)

If income is greater than expenditure

If the expenditure is greater than the income

The money an individual or household has at the end of a given month.

The payment of an employee’s wages directly into their bank account.

when an employee is paid based on how many items they produce at work.

When an employee is paid per hour worked.

is a percentage of sales that is paid to a salesperson

Pay for any extra hours worked. This can be time and a half, double or triple time.

pay before deductions Basic pay + Overtime

A sum of money that is taken from an employee’s gross pay.

Deductions that must be paid. For example, PAYE, PRSI, USC

Non-statutory deductions

Deductions that an employee chooses to pay. For example: Savings, Trade Union, Health Insurance.

This is money which is paid to the government. E.g. VAT

This reduces the amount of tax a person owes to the government

This shows a record of an employee’s pay.

This is the item that we do not buy or the opportunity we didn't choose. Often we have to make a choice between items.

This is payment of goods and services on a REGULAR basis.

Irregular expenditure

This is payment where the amount spent and/or the timing of payment DEPENDS ON USAGE

Discretionary expenditure

This is payment for things we want but do not need. Luxury items. If there is money left over.

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Inc/Exp/ Budget JC

Junior cert business

Question	Answer
Net Cash	the difference between planned income and planned expenditure. (A – B)
Surplus	If income is greater than expenditure
Deficit	If the expenditure is greater than the income
Closing cash	The money an individual or household has at the end of a given month.
Paypath	The payment of an employee’s wages directly into their bank account.
Piece rate	when an employee is paid based on how many items they produce at work.
Time rate:	When an employee is paid per hour worked.
Commission	is a percentage of sales that is paid to a salesperson
Overtime	Pay for any extra hours worked. This can be time and a half, double or triple time.
Gross pay.	pay before deductions Basic pay + Overtime
Deduction	A sum of money that is taken from an employee’s gross pay.
Statutory deductions	Deductions that must be paid. For example, PAYE, PRSI, USC
Non-statutory deductions	Deductions that an employee chooses to pay. For example: Savings, Trade Union, Health Insurance.
Tax	This is money which is paid to the government. E.g. VAT
Tax credits	This reduces the amount of tax a person owes to the government
Payslip	This shows a record of an employee’s pay.
Opportunity cost	This is the item that we do not buy or the opportunity we didn't choose. Often we have to make a choice between items.
Impulse buying	This is unplanned spending.
Fixed expenditure	This is payment of goods and services on a REGULAR basis.
Irregular expenditure	This is payment where the amount spent and/or the timing of payment DEPENDS ON USAGE
Discretionary expenditure	This is payment for things we want but do not need. Luxury items. If there is money left over.

Created by: mcurran

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